<\/p>\n
Refine Group AB (publ) (\u201cRefine\u201d or the \u201cCompany\u201d), an owner of assets in digital commerce, has announced the launch of a new business area \u2013 <\/strong>Digital Assets<\/strong><\/em> \u2013 with a strategy to gradually accumulate Bitcoin as part of its corporate treasury. Following positive interest from both investors and market participants, the Company is now entering the next phase: expanding its treasury holdings in collaboration with external partners who share Refine\u2019s vision of a new financial infrastructure. Initial discussions with potential partners have commenced, with the goal of establishing long-term strategic relationships to support this development.<\/strong><\/p>\n<\/div>\n Globally, several companies with similar strategies have gained momentum since the concept emerged around 2020. The core idea is to use efficient financing to accumulate Bitcoin \u2013 an asset widely regarded as having long-term value potential. In parallel with the financial metric earnings per share<\/em>, Refine aims to increase its Bitcoin per share<\/em> over time. Below is an outline of Refine\u2019s strategy within its business area Digital Assets.<\/p>\n Why Bitcoin is relevant as a long-term asset on the balance sheet<\/strong> As a decentralized currency, Bitcoin is not governed by any central bank or state. This independence offers several advantages \u2013 including protection against inflationary monetary policy and political instability. In certain regions, Bitcoin is already being used as an alternative to collapsing national currencies. The Bitcoin market is open 24\/7 and is among the largest globally in terms of daily trading volume and liquidity.<\/p>\n Institutional adoption remains in its early stages, but many leading global companies and investors have already integrated Bitcoin into their strategies. The asset\u2019s unique characteristics have contributed to making it one of the best-performing asset classes in terms of risk-adjusted returns over the past decade.<\/p>\n For Refine, Bitcoin represents a strategic asset that, in combination with its existing operations, shall contribute to diversification of the capital base and long-term value creation for shareholders. Holding and accumulating Bitcoin within a regulated, publicly listed structure offers investors indirect exposure to a rapidly evolving digital asset class.<\/p>\n Self-financed treasury \u2013 a differentiated model<\/strong> The profits generated by Refine\u2019s subsidiaries are used to cover the Company\u2019s central costs \u2013 including listing-related expenses and the management and expansion of its treasury and other holdings. These costs have been reduced during the year, alongside additional cost-saving measures communicated across the Group. Having operating profits\/cash flow that cover central expenses means the treasury can carry its own running costs \u2013 unlike traditional fund structures, where investors typically pay separate management fees.<\/p>\n Strengthening financial position through treasury growth \u2013 enabling controlled leverage over time<\/strong> Objective: A capital-efficient and accessible platform for long-term Bitcoin exposure<\/strong> As the Company executes the strategy, Refine aims to build a position and structure that has the ability to attract interest from institutional investors, family offices, corporations and others seeking long-term exposure to Bitcoin \u2013 not only as an asset, but as a strategic tool for financial resilience.<\/p>\n \u201cThere is growing interest among investors and companies seeking Bitcoin exposure, but lacking a clear and regulated path to access it. Refine\u2019s goal with its business area is to offer a value-creating platform to meet this need, and we look forward to further developing this work together with potential partners,\u201d says David Wallinder, CEO of Refine Group.<\/p>\n<\/div>\n
Bitcoin is the world\u2019s first digital currency with a fixed supply \u2013 no more than 21 million bitcoin will ever exist. Unlike traditional fiat currencies, which can be issued in unlimited quantities by central banks, Bitcoin operates under a predetermined and transparent monetary policy. This makes it a deflationary asset, with potential for value appreciation over time under steady or increasing demand.<\/p>\n
Refine\u2019s two other business areas continue to operate according to their previously communicated strategic objectives. One of Refine\u2019s key differentiators compared to other Bitcoin-focused companies is its underlying digital commerce assets. As of March 2025, Refine\u2019s consolidated subsidiaries reported trailing 12-month pro forma revenue of SEK 154 million, with an EBITDA of approximately SEK 3 million. Between 2016 and 2024, the Company\u2019s average EBITDA margin was 11%, and efforts are underway to gradually return to higher levels. These operations continue to develop with a focus on improving both profitability and growth.<\/p>\n
Over time, Refine aims for operating profits to not only cover central costs but also support additional Bitcoin purchases and contribute to financing costs beyond equity issuance. If executed prudently, this creates a structure for controlled and intelligent leverage. The combination of a strong treasury, self-financed growth, and a controlled leverage strategy provides the Company with a unique position of strength and long-term stability in its treasury strategy. In the initial phase, Refine intends to continue strengthening its financial position by expanding its treasury \u2013 with the aim of executing on the opportunities of its intelligent leverage strategy over time.<\/p>\n
Through its platform and partnerships, Refine aims to offer capital-efficient exposure to Bitcoin \u2013 enabling traditional investors to benefit from the asset\u2019s development via Swedish \u201cISK\u201d or \u201ccapital insurance\u201d, without the need to manage wallets, custody or regulatory complexity themselves.<\/p>\n