Fragbite Group stock shoots up 64% following plans to establish a Bitcoin treasury
2025-06-30 09:23:19
Main Idea
Fragbite Group, a Swedish gaming and web3 company, plans to establish a Bitcoin treasury to hedge against inflation and store value, while also appointing a Bitcoin advocate as Treasury Director.
Key Points
1. Fragbite Group's Board of Directors approved a plan to allocate corporate funds to acquire Bitcoin, viewing it as both an inflation hedge and a store of value.
2. The company issued 0% convertible bonds worth around 5 million krona ($530,000) at a 110% premium to a 20-day volume-weighted average price.
3. Fragbite's stock surged as much as 64% in 24 hours, reaching SEK 9.94 per share on June 30.
4. Patrik von Bahr, Lead Game Designer of FunRock and a Bitcoin advocate, was appointed as Treasury Director to oversee the Bitcoin treasury strategy.
5. Fragbite Group operates in gaming, e-sports, and web3, with its main office in Stockholm and a listing on the Nasdaq First North Growth Market.
Description
Swedish gaming and web3 company Fragbite Group vows to establish a Bitcoin treasury to ‘future-proof’ its balance sheet. The firm has also appointed a dedicated director to oversee its Treasury operations. According to a recently published press release , the company’s Board of Directors has approved a new business strategy that would focus on managing its profits to invest some of its corporate funds into acquiring BTC ( BTC ). “The company views Bitcoin not only as a hedge against inflation, b...
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