Former Bitcoin treasury
Refine Group AB (publ) no longer pursues a Bitcoin treasury strategy. The holdings, debt, and metrics below reflect the last recorded data (Mar 31, 2026) and are no longer being updated.
Refine Group AB (publ)
REFINE🇸🇪Former
Refine Group AB is a Swedish digital commerce company that builds and manages lifestyle brands in e-commerce. In July 2025, the company launched a Bitcoin treasury strategy funded through directed share issues totaling SEK 15 million, acquiring BTC as a strategic reserve asset.
BTC Holdings
0 BTC
Insufficient history
Stock PriceUpdated May 22, 2026 15:17 UTC
0.59 kr▲ 0.00%
180d
Total financing
0.00 SEK
Insufficient history
mNAV
—
180d
Sats/Share
0
180d
Mkt cap
114.79M SEK
Shares
193.90M
Fiat reserve
8.90M SEK
Total reserve
8.90M SEK
Dilution
0.0%
Analytics
FinancialsUnverified
K3QuarterlyAs of 2026-03-31
Balance Sheet
Total Assets134.4M kr
Total Liabilities45.8M kr
Stockholders' Equity88.5M kr
Cash & Equivalents8.9M kr
Total Debt0 kr
Digital Assets0 kr
Income Statement
Revenue24.9M kr▼6.1%
Operating Income-10.7M kr
Net Income-11.7M kr▼237.7%
Interest Expense977K kr
Cash Flow
Operating Cash Flow-7.2M kr
Instruments
Total unexercised
0
| Instrument | Type | Exercise price | Warrant shares | Expiry | Outstanding |
|---|---|---|---|---|---|
| Total unexercised | 0 | ||||
Recent Changes
Mon, May 4, 2026
Shares Outstanding
271.5M→193.9M-77.6M(-28.6%)
Bolagsverket-registered total. April 8 2026 EGM-decided directed issuances not yet registered; pro forma post-registration 290,532,832. AGM (2026-06-04) to vote on 1:5 reverse split (would reduce to 58,106,566 post-split, post-registration).
Notice of AGM 2026 (under name change to Vetted Assets) — proposes 5:1 reverse split, name change, incentive warrantsFri, Apr 10, 2026
Shares Outstanding
149.4M→271.5M+122.1M(+81.7%)
Post Andy okay kvittningsemission (246,070,891 + 25,458,986 consideration shares)
Andy okay acquisition completion and kvittningsemission (271,529,877 shares post-issue)Tue, Mar 31, 2026
BTC Holdings
7.18→0-7.18 BTC(-100.0%)
All 7.18 BTC disposed during Q1 2026; Digital Assets business area discontinued.
Interim Report Q1 2026 (delårsrapport)Shares Outstanding
168.4M→149.4M-19.0M(-11.3%)
Bolagsverket-registered stamaktier at period end; fully diluted incl. unregistered series 2025/2026 warrant exercises = 168,441,724.
Interim Report Q1 2026 (delårsrapport)Fiat Reserve
8.9MSEK
Group cash (Kassa och bank) at period end; balance-sheet exact value 8,873 Tkr.
Interim Report Q1 2026 (delårsrapport)Mon, Mar 23, 2026
Shares Outstanding
138.2M→168.4M+30.3M(+21.9%)
19,002,955 shares from warrant exercise (series 2025/2026)
Warrant Exercise Results (Series 2025/2026)Fri, Mar 20, 2026
Debt Outstandingexpiryrefine-group-warrant-mar-2025
33.1M→0-33.1M(-100.0%)
Series 2025/2026 exercise window closed; 19,002,955 of 33,115,796 warrants exercised (approximately SEK 3.4M raised), remaining 14,112,841 lapsed unexercised.
Warrant Exercise Results (Series 2025/2026)Tue, Dec 30, 2025
Shares Outstanding
139.1M→138.2M-951.6K(-0.7%)
The Share