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Swedish gaming firm Fragbite Group has initiated a Bitcoin treasury strategy by acquiring 4.3 Bitcoin at an average cost of $112,958 per coin, marking it as the latest European entity to embrace cryptocurrency as a key reserve asset amidst a global trend of corporate adoption.
The organization secured an additional 6 million Swedish krona ($630,000) via an interest-free convertible loan to facilitate further Bitcoin acquisitions, with conversion rights activated if shares surpass the SEK 13 conversion price by 30% for 20 consecutive trading days.
Bitcoin Treasury Director Patrik von Bahr described the initiative as positioning Fragbite as “an early pioneer in a revolutionary industry.”
First purchase complete
4.3 bitcoin at an average price of approximately USD 112 958 / bitcoin marks the commencement of operations under the newly established Bitcoin Treasury
https://t.co/bwPYv8e2SD$FRAG pic.twitter.com/o2vbP95vAK
— Fragbite Group (@FragbiteGroup) July 22, 2025
https://t.co/bwPYv8e2SD$FRAG pic.twitter.com/o2vbP95vAKThis acquisition takes place as corporate Bitcoin adoption is rapidly increasing worldwide, with over 274 companies currently holding 3.57M Bitcoin on their balance sheets.
Recently, MicroStrategy added 6,220 Bitcoin for $739.8 million during the week ending July 20, raising its total holdings to 607,770 Bitcoin valued at over $43 billion.
The trend of corporate treasury strategies spans various sectors and regions, with Japanese Metaplanet aiming for 210,000 Bitcoin by 2027, London-listed firms announcing nine Bitcoin treasury initiatives in recent weeks, and European companies increasingly perceiving cryptocurrency as a hedge against inflation and a strategic asset.
European Corporate Bitcoin Adoption Gains Momentum
Fragbite Group joins a rising number of European firms adopting Bitcoin treasury strategies as regulatory clarity improves throughout the region.
The gaming company’s convertible loan structure provides flexibility, with no interest accruing until November 30, 2030, and includes mandatory conversion rights if the shares exceed 200% of the conversion price.
In a similar vein, Swedish firm Refine Group has also recently initiated a $1 million Bitcoin treasury supported by new capital.
In contrast, London markets have witnessed companies like Smarter Web Company surge from £4 million to over £1 billion in market value following announcements of Bitcoin purchases.
The wave of European adoption 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 finance its latest acquisition of 6,220 Bitcoins at an average price of $118,940.
Additionally, Australian DigitalX secured $13.54 million from Animoca Brands, UTXO Management, and ParaFi Capital to expand its Bitcoin treasury, increasing its total assets to $95 million.
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Market Dynamics Signal Rotation as ETF Flows Diverge
Institutions are increasingly turning to Bitcoin as a treasury, as indicated by Bitcoin spot ETFs, which experienced their first net outflow in 12 days, with $131.35 million exiting on July 21.
Bitcoin spot ETFs recorded a $131.35M outflow on July 21, ending a 12-day inflow streak, while Ethereum ETFs attracted $297M as investor focus shifted.#SpotBitcoinETF #CryptoETFhttps://t.co/13rOyhITvN
— Cryptonews.com (@cryptonews) July 22, 2025
This followed over two consecutive weeks of inflows, concluding a strong period that had drawn in over $6.6 billion since early July.
The natural outflow can be largely attributed to Bitcoin experiencing a slight decline after its recent $123K ATH peak.
BlackRock’s IBIT reported zero net inflow despite managing $86.16 billion in assets, while Ark Invest’s ARKB and Grayscale’s GBTC experienced outflows of $77.46 million and $36.75 million, respectively.
Conversely, Ethereum ETFs maintained 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 investments, while Fidelity’s FETH attracted $126.93 million, as combined Ethereum ETF assets reached $19.6 billion.
Notably, SpaceX has recently raised concerns with its $152.85 million Bitcoin transaction after a three-year hiatus.
The transaction, as speculated, suggests potential portfolio restructuring rather than liquidation.
The aerospace company’s wallet transferred 1,308.45 Bitcoin while retaining 6,977 Bitcoin under Coinbase Prime custody, valued at approximately $818.3 million.
Historical data indicates SpaceX received multiple Bitcoin inflows between 2021 and 2022, with holdings exceeding $1.6 billion during the previous bull market.
Source: TradingView
At the time of this report, Bitcoin is trading above $118,700 after consolidating from its all-time high of $123,000. The cryptocurrency is exhibiting bullish pennant patterns that typically indicate continuation moves following a rally correction or pullback.
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