Fragbite Group Goes All-In on Bitcoin: Vows to Build a Crypto Treasury

Hang onto your hats, crypto fans! Swedish gaming and web3 giant Fragbite Group just dropped a bombshell—they're diving headfirst into the world of Bitcoin. The company is setting up a Bitcoin treasury to "future-proof" their balance sheet and they've even brought on a dedicated director to steer the ship.

In a jaw-dropping press release, Fragbite's Board of Directors gave the green light to a new strategy that'll see them sinking some of their hard-earned profits straight into BTC. No messing around here, folks!

"Bitcoin isn't just a shield against inflation for us; it's a global money network with the power to totally shake up how companies stash their cash," the company declared in their statement. You can feel the excitement!

But how are they gonna pull this off? By raising capital through a bunch of different ventures, starting with a cool 5 million krona ($530,000) in 0% convertible bonds. That's right, they're going all in!

Fragbite is offering these interest-free shares at a conversion price of around 10 krona ($1.05) each. They're planning to wrap up the bond subscriptions in the near future, so keep your eyes peeled.

The market is buzzing, too! After Fragbite dropped the Bitcoin bombshell, their stock shot up a mind-blowing 64% in just 24 hours. FRAG.ST hit a high of SEK 9.94 per share on June 30. Talk about a wild ride!

Don't worry, though—the company says this won't mess with their day-to-day ops. Most of their work is already done in a "decentralized manner," so they're ready to roll with the punches.

A new Treasury Director for Fragbite Group

To make this Bitcoin treasury a reality, Fragbite has created a brand-new role: Treasury Director. And the best part? This director will be paid based on performance, ensuring their goals align perfectly with shareholders' interests.

Who's the lucky one to lead this charge? None other than Patrik von Bahr, the Lead Game Designer of FunRock and a hardcore Bitcoin advocate. He's convinced that tracking Bitcoin per share and boosting value from BTC holdings will be "fundamental" for companies down the line.

"By jumping on this paradigm shift early, we're set to create a ton of shareholder value in both the short and long term," von Bahr said, brimming with confidence. You can feel the energy!

Fragbite Group, founded in 2015, is a Swedish powerhouse made up of a bunch of subsidiaries that develop, adapt, and publish games and content for the gaming, e-sports, and web3 worlds. Their products span PC, mobile, consoles, and even the latest blockchain platforms.

The company's main office is in Stockholm, Sweden, and they're listed on the Nasdaq First North Growth Market. Keep watching this space—Fragbite is on fire!