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Fragbite Group launches new Business Area – Bitcoin Treasury – and recruits a Treasury Director
Prenumeration
Beskrivning
| Land | Sverige |
|---|---|
| Lista | First North Stockholm |
| Sektor | Sällanköp |
| Industri | Gaming |
Fragbite Group AB (publ) (”Fragbite Group” or ”the Company”) today announces a strategic shift in the Company's capital allocation: The Company is establishing a new business area, Bitcoin Treasury, as part of future-proofing its balance sheet and positioning Fragbite Group as a Swedish pioneer in the Bitcoin industry.
Bitcoin as a strategic asset - storing value and positioning for the future
As part of the ongoing strategic review, the Board of Directors has resolved to establish a new long-term strategy for managing profits and other cash flows with Bitcoin accumulation at its centre. The company views Bitcoin not only as a hedge against inflation, but as a global monetary network with the potential to radically transform the way companies store value. In line with international frontrunners, Fragbite Group intends to undertake smart capital raising through instruments like convertibles in order to build a Bitcoin reserve that grows over time. The group’s existing operations are managed in a decentralized manner and are not directly affected by the new business area.
Resolution on capital raise – with a clear premium
The company has resolved to start negotiations on a directed, interest-free convertible totalling approximately SEK 5 million. The objective is to offer a conversion price of approximately SEK 10.00 per share, corresponding to approximately 110 percent premium to a 20-day volume weighted average price (VWAP), and to finalise the convertible in the near term.
New role established within the Group: Treasury Director
As part of the establishment of the new business area, Patrik von Bahr has been recruited for the role of Treasury Director. Patrik von Bahr is a passionate “Bitcoin maximalist” who has developed specialist expertise in the relatively new field of “Bitcoin as a strategic corporate asset” through his investments in the industry. The role of Treasury Director will be remunerated through a performance-based incentive programme in order to incentivise value creation in line with shareholders' interests. The incentive programme will be announced in a separate press release.
“I am incredibly honoured and, above all, motivated to take on the role of Treasury Director at Fragbite Group. We believe that the KPI “Bitcoin / share” and the ability to increase it will be a fundamental way to value companies in the future. By being early movers in this paradigm shift, we look forward to establishing disproportionately much shareholder value in both the short and the long term,” says Patrik von Bahr, Treasury Director, Fragbite Group
For questions regarding Bitcoin Treasury, please email pvb@fragbitegroup.com. For other questions please email ir@fragbitegroup.com.