Swedish gaming company Fragbite Group has launched a Bitcoin treasury strategy by purchasing 4.3 Bitcoin at an average price of $112,958 per coin, becoming the latest European firm to adopt cryptocurrency as a primary reserve asset amid a global wave of corporate adoption.
The company raised an additional 6 million Swedish krona ($630,000) through an interest-free convertible loan to fund further Bitcoin purchases, with conversion rights triggered if shares exceed the SEK 13 conversion price by 30% for 20 consecutive trading days.
Bitcoin Treasury Director Patrik von Bahr called the move positioning Fragbite as “an early pioneer in a revolutionary industry.”
First purchase complete
4.3 bitcoin at an average price of app. USD 112 958 / bitcoin marks the start of operations under the newly established Bitcoin Treasury
https://t.co/bwPYv8e2SD$FRAG pic.twitter.com/o2vbP95vAK
— Fragbite Group (@FragbiteGroup) July 22, 2025
The acquisition occurs as corporate Bitcoin adoption accelerates globally, with over 274 companies now holding 3.57M Bitcoin on their balance sheets.
Most recently, MicroStrategy added 6,220 Bitcoin for $739.8 million during the week ending July 20, bringing total holdings to 607,770 Bitcoin worth over $43 billion.
The corporate treasury trend spans multiple sectors and geographies, with Japanese Metaplanet targeting 210,000 Bitcoin by 2027, London-listed companies announcing nine Bitcoin treasury plans in recent weeks, and European firms increasingly viewing cryptocurrency as an inflation hedge and a strategic asset.
European Corporate Bitcoin Adoption Gains Momentum
Fragbite Group joins a growing number of European companies embracing Bitcoin treasury strategies as regulatory clarity improves across the region.
The gaming firm’s convertible loan structure offers flexibility, with no interest accruing until November 30, 2030, and includes forced conversion rights if the shares exceed 200% of the conversion price.
Similarly, Swedish firm Refine Group also recently launched a $1 million Bitcoin treasury backed by fresh capital.
In comparison, London markets have seen companies like Smarter Web Company surge from £4 million to over £1 billion market value following Bitcoin purchase announcements.
The European adoption wave contrasts with established corporate treasury leaders, such as MicroStrategy, which continues to accumulate aggressively through at-the-market equity offerings.
The company raised $740.3 million across four ATM programs to fund its latest purchase of 6,220 Bitcoins at an average price of $118,940.
Moreover, Australian DigitalX secured $13.54 million from Animoca Brands, UTXO Management, and ParaFi Capital for expanding its Bitcoin treasury, bringing its total assets to $95 million.
Market Dynamics Signal Rotation as ETF Flows Diverge
Institutions are increasingly flocking to Bitcoin as a treasury, as evidenced by Bitcoin spot ETFs, which recorded their first net outflow in 12 days, with $131.35 million exiting on July 21.
Bitcoin spot ETFs saw a $131.35M outflow on July 21, snapping a 12-day inflow streak, while Ethereum ETFs pulled in $297M as investor focus shifted.#SpotBitcoinETF #CryptoETFhttps://t.co/13rOyhITvN
— Cryptonews.com (@cryptonews) July 22, 2025
This came after over two consecutive weeks of inflows, marking the end of a robust period that had attracted over $6.6 billion since early July.
The natural outflow can be primarily attributed to Bitcoin experiencing a slight pullback after its recent $123K ATH peak.
BlackRock’s IBIT reported zero net inflow despite holding $86.16 billion in assets, while Ark Invest’s ARKB and Grayscale’s GBTC saw outflows of $77.46 million and $36.75 million, respectively.
However, Ethereum ETFs continued their momentum with $296.59 million in daily inflows, extending their winning streak to 12 consecutive days.
BlackRock’s ETHA led with $101.98 million in new capital, while Fidelity’s FETH attracted $126.93 million, as combined Ethereum ETF assets reached $19.6 billion.
Notably, SpaceX has recently sparked concern with its $152.85 million Bitcoin transaction after a three-year hiatus.
The movement, as speculated, represents potential portfolio restructuring rather than liquidation.
The aerospace company’s wallet transferred 1,308.45 Bitcoin, while maintaining 6,977 Bitcoin under Coinbase Prime custody, worth approximately $818.3 million.
Historical data shows SpaceX received multiple Bitcoin inflows between 2021 and 2022, with holdings exceeding $1.6 billion during the previous bull run.
At the time of writing, Bitcoin is trading above $118,700 after consolidating from its all-time high of $123,000.The cryptocurrency is displaying bullish pennant patterns that typically signal continuation moves after a rally correction or pullback.
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