Bitcoin is quietly making its way onto the balance sheets of European companies as corporate interest across the region continues to grow.
Fragbite Group AB, a digital entertainment company listed in the EU, has made its first move into Bitcoin (BTC). The company confirmed on July 22 that it purchased 4.3 BTC at an average price of around $112,958 per coin, marking the start of its newly established Bitcoin Treasury.
The purchase, worth roughly $486,000, is part of a strategy to invest surplus liquidity into Bitcoin as a store of value and to reinforce the company’s capital structure.
Fragbite said it plans to continue adding to its BTC holdings over time as part of a long-term accumulation strategy. The Sweden-based company explained that the decision to add BTC to its balance sheet reflects its view of it as a “strategic asset” that can strengthen capital structure and deliver value to shareholders over the long run.
“We are both pleased and excited to have officially pressed the start button for our Bitcoin Treasury strategy,” said Patrik von Bahr, Bitcoin Treasury Director at Fragbite, adding that, “with this first allocation of liquidity to bitcoin, the company has taken its place as an early pioneer in a revolutionary industry.”
Fragbite’s Bitcoin strategy adds to a growing trend among European listed firms exploring BTC as a treasury reserve. In November 2024, France-based data intelligence company The Blockchain Group became the first EU firm to adopt a BTC-treasury strategy, and has now built its total holdings to 1,955 BTC as of July 21, worth around $233 million.
In the UK, Smarter Web Company has also been expanding its Bitcoin position, with the latest addition of 325 BTC last week, bringing its total holdings to 1,600 BTC.
The rise of corporate Bitcoin treasuries comes as BTC continues to outperform expectations, recently breaking above $123,000 to set a new all-time high. While it trades at a more modest range of $118,000 at the time of writing, the asset’s performance so far has reinforced its appeal as a long-term investment asset.
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