Something is Happening in Sweden + Announcement

As Bitcoin outpaces every asset class, Swedish companies are finally waking up, turning their balance sheets into growth engines.

Readers will know I’ve been a vocal advocate for Bitcoin since I began writing – and well before that, having started my journey in early 2017.

Bitcoin is sound money: immune to manipulation, inflation-proof, and free from control by debt-ridden governments. For over a decade, it has outperformed every other asset class, offering individuals a reliable refuge for capital preservation.

While individuals have long had the freedom to hold Bitcoin, corporate adoption has faced significant friction. Boards, regulatory frameworks, and shareholder reservations have historically made it difficult for companies to hold Bitcoin on their balance sheets. Just look at Microsoft – despite sitting on $130 billion in cash and equivalents, shareholders recently rejected adding Bitcoin to its balance sheet, leaving a melting ice cube floating in a sea of inflation.

That is now changing.

In the U.S., Strategy Inc. (formerly MicroStrategy), and in Japan, Metaplanet, have pioneered corporate Bitcoin treasury strategies - and been rewarded for it. Metaplanet was the highest-performing public company in the world in 2024 with shares up 3,575% since adopting Bitcoin as an asset. Strategy Inc. has delivered a 2,887% return since initiating its Bitcoin strategy in 2020, despite increasing its share count from 82.8 million to over 273 million.

Their success has sparked a wave of imitators. France’s The Blockchain Group has become the country's top-performing stock in 2025. And now, in just the past two weeks, three Swedish companies have adopted the strategy, announcing Bitcoin treasury strategies of their own - a pivotal shift in Nordic corporate finance.

Sweden has not traditionally been a friendly jurisdiction for Bitcoin adoption. Regulatory caution and banking resistance have been problematic, with the Swedish Financial Supervisory Authority (FI) advising financial institutions to avoid offering Bitcoin-related services.

Coupled with the complexities of self-custody (private keys, cold storage, multisig), significant barriers to buy have been in place for people to accumulate Bitcoin even if technically-minded, let alone those who struggle with technology.

To be clear, learning to hold your own keys should still be a priority. But now, these new public companies holding Bitcoin on behalf of shareholders provide a cleaner, more accessible path to Bitcoin exposure for some investors who may not want to manage the logistics of custody themselves.

Interestingly, as the returns above show - these companies can outperform Bitcoin itself. When their market valuations are higher than the Bitcoin that sits on their balance sheet, new share issuance can be accretive, not dilutive. In this model, dilution isn’t destructive – it’s a powerful growth engine.

Due to a frustrating lack of information resources in the region, and as Bitcoin adoption accelerates across the Nordics – among the people, businesses, and listed companies – I’ve launched a new project to follow this evolution:

SwedishBTC.com will follow both Nordic Bitcoin news and the companies leading the charge, report on regulatory developments, and share insights into the region’s role in Bitcoin’s global adoption.

I hope you’ll join me.