A recent trend in the European business landscape has seen a growing number of firms embracing the Bitcoin treasury wave. The latest addition to this trend is Sweden-based digital commerce firm Refine Group, which has raised SEK 5 million (approximately $475,000) through a directed share issue to support its Bitcoin acquisition strategy.
The funds raised will be used to bolster Refine Group’s long-term Bitcoin reserve under its Digital Assets division, which was established earlier this year as part of the company’s efforts to diversify beyond its core business lines. CEO David Wallinder emphasized the importance of Bitcoin as a store of value and highlighted the potential for shareholder value creation through this strategic move.
By strategically accumulating Bitcoin, Refine Group aims to enhance its financial position and solidify its stance as a company well-prepared for the ongoing digital transformation. The decision to swiftly raise funds for its Bitcoin strategy was motivated by the increasing competition among public firms in this space.
The adoption of Bitcoin by European companies is part of a global trend that has seen firms across different regions adding the cryptocurrency to their treasuries. In the EU alone, several companies, including The Blockchain Group in France, Smarter Web Company in the UK, Fragbite Group in Sweden, and Advanced Bitcoin Technologies AG in Germany, have recently unveiled Bitcoin-focused treasury strategies.
According to Fidelity Digital Assets, 35 public companies worldwide now hold over 1,000 BTC as of Q3 2025, collectively owning more than 900,000 BTC. This growing interest from institutional investors has played a significant role in Bitcoin’s recent price rally. However, along with the opportunities come risks.
One of the primary challenges of tying company funds to Bitcoin is the inherent volatility of the cryptocurrency market. Despite Bitcoin’s current price range of $110,000-$120,000, sharp price fluctuations can lead to significant losses for companies holding Bitcoin in their treasuries. Regulatory uncertainty, particularly in Europe, poses another hurdle for firms managing digital asset-focused treasuries, as enforcement of regulations like MiCA varies across countries.
FOMO-driven accumulation, without a clear strategy, could also backfire for companies entering the Bitcoin treasury space without adequate experience. Poor timing or execution could result in substantial losses, underscoring the importance of a deliberate and well-informed approach to incorporating Bitcoin into corporate treasuries.