Swedish Refine Group Mirrors Strategy’s Path: Launches $1M BTC Treasury Initiative
Swedish Refine Group has recently made waves in the crypto market. On July 16, 2025, the digital commerce company based in Stockholm unveiled a $1 million Bitcoin treasury initiative and established a “Digital Assets” sector to capitalize on the crypto trend.
Not only did they acquire 
Bitcoin ▲0.20%, but they also transformed their entire capitalization table. By issuing new shares at a reduced price, Refine secured 10 million SEK, diluted current shareholders by 45%, and welcomed Caldas Capital as a major stakeholder. Enter the era of BTC per Share.
Refine’s Group Bitcoin Play: A Bold Treasury Transformation with Web3 Aspirations
Swedish Refine Group has plunged into BTC investments. The corporation revealed an innovative treasury approach with intentions to consider BTC as a fundamental asset, aiming to branch out from fiat and entrench itself into the web3 realm.
— Cryptonews.com (@cryptonews) July 16, 2025
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Simultaneously, they formed a new “Digital assets” segment, augmenting their existing “Products” and “Digital services.” CEO David Wallinder characterized BTC as a strategic reserve due to its inherent scarcity and fluidity. This represents a notable shift from traditional treasury management to a crypto-centric approach.
To monitor results, Refine implemented the “Bitcoin per Share” metric, allowing investors to track their BTC exposure in real-time. This strategy aligns with that of Strategy (MicroStrategy) and newer entrants like H100 Group from Sweden.
Wallinder is optimistic that this treasury restructuring will draw in new partners within the distributed database domain, possibly creating opportunities that traditional fiat operations cannot provide. With corporate crypto strategies on the rise across Europe, Refine’s timing appears impeccable.
“Medium to long-term Bitcoin treasury firms will definitely outperform Bitcoin as they possess the capability to enhance their Bitcoin per share.”
The concept is straightforward:
Invest in shares, allow these companies to manage Bitcoin treasury operations, and wake up years later… pic.twitter.com/U039WG01sN
— Giovanni Incasa (@GiovanniIncasa) July 4, 2025
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The organization now navigates the fluctuations of BTC prices. If BTC surges, shareholders stand to gain significantly. Conversely, should it falter, Refine might face challenging inquiries. Regardless, the company has communicated its commitment to building a digital-based future, rather than merely observing from the periphery.
Shareholder Overhaul: Dilution Discounts and a Tactical Power Shift
Executing a Bitcoin treasury change isn’t inexpensive, and Refine financed its transition by restructuring its capital framework. The firm issued 54.37 million new shares at a price of 0.1839 SEK each, a 20% markdown from the average price over the last 7 days.
This raised the total shares from 67.5 million to about 122 million, resulting in a dilution exceeding 80% for existing shareholders. This constitutes a fundamental capital reorganization, ushering in a new influential entity. Caldas Capital, spearheaded by João Caldas, has now become the largest shareholder in the company.
This move goes beyond a single BTC acquisition; it reflects a strong message of faith in Refine’s digital trajectory. Caldas Capital’s involvement signals that institutional investors recognize the potential long-term benefits of Bitcoin-backed treasury frameworks, particularly within the innovative Nordic markets.
The share capital increased from 6.75M SEK to 12.19M SEK, providing Refine with the capability to elevate standards, accompanied by heightened expectations from a now-larger pool of investors.
For existing shareholders, this maneuver presents a dual-edged scenario. On one side, they gain access to BTC via equity without managing cold wallets. On the flip side, their ownership stakes have nearly halved.
The BTC per Share metric presently alleviates some concerns but does not negate dilution. Nevertheless, if BTC appreciates and Refine effectively utilizes its new strategic alliance, the current challenges may lead to future advantages.
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Key Takeaways
The post Swedish Refine Group Follows In Strategy’s Footsteps: Initiates $1M Bitcoin Treasury Strategy first appeared on 99Bitcoins.
