The Board of Fragbite Group has today adopted a new financial target following the establishment of the Bitcoin Treasury business area – a target to own 100 bitcoins by the end of 2025. The company currently owns 7 bitcoins purchased at an average price of USD 115,099. Per today's exchange rate, 100 bitcoins correspond to approximately SEK 116 million, and further purchases are intended to be financed through advantageous financing solutions and surplus liquidity from core operations.

Fragbite Group’s financial targets for growth, cash flow and profitability were last updated in the 2023 annual report, published in April 2024. The Company intends to update these financial targets in conjunction with the completion of the ongoing strategic review, which is expected to be completed in early fall. Moving forward, all financial targets will be updated and commented on regularly in order to increase transparency towards shareholders.

"Fragbite Group’s initiative to strengthen its long-term capital structure by leveraging bitcoin has received a very positive response and is progressing rapidly. We are in dialogue with several counterparts regarding advantageous financing solutions. Fragbite Group sees an opportunity to be at the forefront in the Nordic region with active investment in bitcoin, parallel to the continued development of our core business in gaming and esports. The company is therefore now working towards closing 2025 with 100 bitcoin on the balance sheet and is adopting this as a financial target. The Board believes that the Company needs to offer more clarity on financial targets for the Group, and today's decision is a first step in that direction. I look forward to providing an update in this regard later in the fall,” says Stefan Tengvall, CEO, Fragbite Group.