Swedens Refine Group Bets on Bitcoin, Launches Digital Assets Unit

Sweden's Refine Group, a digital-commerce firm, is entering the cryptocurrency market by launching a new 'Digital Assets' division and adding Bitcoin to its balance sheet as a reserve asset. To fund this new Bitcoin-focused strategy, Refine Group has raised 10 million Swedish Krona (SEK) through a directed share issue. Joo Caldas, an investor with experience in both cosmetics and crypto, is now the largest shareholder in Refine Group. The board is considering appointing Caldas as a director to help guide the company's expansion into digital finance. While focusing on Bitcoin, Refine Group will continue to grow its core digital services and product business. The capital raise increased the company's share count by 80%, diluting existing shares by approximately 45%.