Fragbite Group AB (publ) ("Fragbite Group" or the "Company") has completed a purchase of approximately 4.3 bitcoin at an average price of approximately USD 112 958 per bitcoin. This first purchase marks the start of operations under the newly established Bitcoin Treasury with the objective of carrying out long-term investment of surplus liquidity and continuously accumulating bitcoin in order to strengthen the Company's capital structure.
Fragbite Group announces that the Company has completed a purchase of approximately 4.3 bitcoin at an average price of approximately USD 112 958, equivaling approximately SEK 1,093,000, per bitcoin. This first purchase marks the start of operations under Bitcoin Treasury with the aim of long-term investment of surplus liquidity from the core business and continuous accumulation of bitcoin.
The decision to introduce Bitcoin to the balance sheet reflects the Company's belief in its potential as a long-term value preserver and strategic asset for Fragbite Group's future growth. With Bitcoin as a leverage that grows over time, the Company intends to strengthen its capital structure and create shareholder value.
"We are both pleased and excited to have officially pressed the start button for our Bitcoin Treasury strategy. With this first allocation of liquidity to bitcoin, the Company has taken its place as an early pioneer in a revolutionary industry and taken an important step towards positioning Fragbite Group as an active player in the paradigm shift currently facing the financial world," says Patrik von Bahr, Bitcoin Treasury Director, Fragbite Group.
For questions, please contact:
Erika Mattsson, Chief Communications Officer
ir@fragbitegroup.com
Phone: +46 8 520 277 82
Redeye AB is the Company's Certified Adviser.
About us
Fragbite Group (publ) is a Swedish corporate group with a portfolio of established subsidiaries that develop, adapt and publish games and esports content within GAMING, ESPORTS and WEB3. Our products are developed for both traditional platforms - PC, mobile and console - and modern platforms built on blockchain technology. The Group is headquartered in Stockholm and listed on Nasdaq First North Growth Market.
