Swedish listed company Fragbite Group establishes a Bitcoin fund business unit and completes $480,000 financing.

According to MarketScreener, Fragbite Group has announced the completion of a SEK 5,000,000 (approximately $480,000.00 USD) interest-free loan financing for its newly established Bitcoin fund management division. The loan is convertible into company shares at a conversion price of SEK 10 per share, to be completed no later than November 30, 2028. The company's CEO stated that this financing will provide start-up liquidity for the Bitcoin fund management business, which aims to optimize the capital structure through Bitcoin. The business will invest the group's surplus funds in Bitcoin and add a "Bitcoin/Equity" key indicator in its quarterly reports. [ChainCatcher]