A growing number of European firms are joining the Bitcoin treasury wave, and this time, it’s the Sweden-based digital commerce firm Refine Group stepping in.
- Refine Group has raised fresh capital to expand its Bitcoin treasury.
- The growing trend of corporate adoption raises questions around market timing, regulatory hurdles, and execution risks.
Per a July 25 press release, Refine Group has raised SEK 5 million, roughly $475,000, through a directed share issue to support its ongoing Bitcoin (BTC) acquisition strategy, continuing its push as one of Europe’s public adopters of the asset.
The funds will contribute to the firm’s building of a long-term Bitcoin reserve under its Digital Assets division, launched earlier this year in efforts to expand beyond its core business lines.
Refine said it sees Bitcoin as a long-term store of value and expects the move to boost shareholder value, while supporting broader growth. CEO David Wallinder called the raise a key milestone, saying BTC will help strengthen the company’s financial base.
“By strengthening our financial position through strategic accumulation of Bitcoin, we aim to create long-term shareholder value and reinforce Refine’s position as a company that is strategically well-positioned for the ongoing digital transformation,” he said.
Refine Group added that it went for a fast, targeted raise to speed up its Bitcoin strategy, citing rising competition among public firms.
Bitcoin on balance sheets
From Europe to North America and Asia, the list of firms adding Bitcoin to their treasuries has significantly grown over the past months.
In the EU alone, more than five firms, including France-based The Blockchain Group, the UK’s Smarter Web Company, Sweden’s Fragbite Group, and Germany’s Advanced Bitcoin Technologies AG, have recently unveiled BTC-focused treasury strategies.
Globally, 35 public companies now hold over 1,000 BTC as of Q3 2025, according to Fidelity Digital Assets.
The number of public companies that hold 1,000+ BTC continues to grow, potentially signaling heightened institutional interest in bitcoin.
Analyst Zack Wainwright on our team has been tracking this closely, particularly the companies holding 1,000 BTC or more.
We have gone from… pic.twitter.com/lLXWra5kMq
— Chris Kuiper, CFA (@ChrisJKuiper) July 24, 2025
This class of investors collectively hold over 900,000 BTC, and have become one of the major forces in the asset’s latest rally. But as the appeal grows, so does the list of risks.
What could go wrong?
Tying company funds to Bitcoin is innovative, especially as years of strong price performance have made the asset’s treasury potential clear. But this move also opens the door to serious volatility and operational risks.
The crypto market is highly volatile, and even with BTC now sitting in the $110,000-$120,000 range, price swings remain a risk. A 10–20% drawdown could wipe millions off corporate balance sheets overnight, instantly devaluing their treasuries and affecting earnings.
Regulatory uncertainty is another challenge. While the US is seeing more clarity, Europe isn’t quite there yet. MiCA rules are in effect, but how they’re enforced still varies across countries, and that could create additional hurdles for firms managing a digital asset-focused treasury.
FOMO-driven accumulation could backfire if firms rush in without a clear strategy. For companies with limited experience in digital assets, poor timing or execution could result in major losses, highlighting the need for a deliberate and well-informed approach.