PANews reported on July 16 that Swedish digital commerce company Refine Group announced the establishment of a digital asset business and implemented a Bitcoin reserve strategy to include Bitcoin in its balance sheet. To support its initial investment and strengthen its financial position, the company raised 10 million Swedish kronor through a private placement, which diluted its equity by about 45%. The largest investor, João Caldas, became a new shareholder and plans to nominate him as a member of the board of directors. The CEO said that Bitcoin's scarcity and liquidity will help the company innovate and collaborate.