Exclusive content: Nordic Treasury Tracker

Please give us your feedback on the tracker, specifically regarding its content and structure.

Author

Morten Myrstad
July 04, 2025

Welcome to another edition of the Future of Finance newsletter! We’re excited to share that our community is growing rapidly, with nearly 200 subscribers — over 120 of whom have joined us in just the past 48 hours.

We’re still experimenting with the core content, style, and tone of this newsletter, so your feedback is invaluable. Please let us know what you think!

A highlight of this edition is the launch of the very first version of our Nordic Treasury Tracker. We believe this tracker offers a more effective way to keep you updated on developments in this emerging sector, rather than reporting every single move made by each Treasury Company. Of course, if there are major developments, you can count on us to deliver breaking news stories, which you’ll also find on our new Treasury page.

In this newsletter, you’ll also find a roundup of the most important and relevant news articles we’ve published on our site since last Wednesday’s edition.

Enjoy your reading,
Morten

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Major news from the Nordics

A group of experienced Web3 profiles has started Cointegrity, a consulting company in Web3. The founders believe the timing is ideal, with increased regulatory clarity and interest in digital assets, and that the need for providers with integrity and experience has never been greater.

If you need more proof that this is not just another young, overeager flash in the pan with shiny tokens and promises of giant gains, then it is probably enough to name-drop the six founders (from left to right, rows 1 and 2): Torstein W. Thinn, Ruben Junger, Magnus Jones, Feliks Olko, Michael A. Gromek and Felix Nordén.

Yes, the buzzwords flow easily from Ruben Junger and Torstein Thinn, with whom Kaupr spoke as Cointegrity now steps into the light, along with a new website. But here, the operative words are serious, mature, experienced, and competent.

"The name Cointegrity says almost everything about what we stand for. Yes, we work with coins and the token economy, but now it's time for more integrity in this market. If it is to gain acceptance, be taken seriously, and be perceived as sustainable, we must raise the standard," says Ruben. He adds: "Business models built on integrity will also attract more people, more capital, and more innovation, and thus even more people who will get involved."

Source: Kaupr News

Moria Protocol, a decentralized borrowing platform featuring the stablecoin MUSD, is now ready to scale after completing a comprehensive security audit by Hashlock, a recognized leader in Web3 security and smart contract auditing.

The founders behind Moria Protocol are the Icelander Dagur Valberg Johansson (right) and Norwegian Halvor Bakke-Veiby (left). Both are also co-founders in Riften Labs.

After Moria’s pre-release last year, Cryptopolitan described Moria and the stablecoin MUSD as a potential “USDT-killer” — providing transparency, verifiability, and censorship resistance where centralized stablecoins fall short.

A recent audit from Hashlock confirmed this potential.

Source: Kaupr News

Topic: Treasury Companies with exclusive Tracker

Treasury companies have become one of the hottest topics in recent months, especially here in the Nordics. To keep you informed, we've launched a dedicated Treasury page on the Kaupr news site, featuring all our articles on this subject since April.

We're also excited to share the recordings from a fireside chat with two leading Nordic Bitcoin Treasury CEOs, held during the Nordic Blockchain Conference in Stockholm this June.

And don’t miss the debut of our Nordic Treasury Tracker! We welcome your feedback on our landing page, on the video and on the Treasury Tracker itself — your input helps us improve!

Nordic Blockchain Conference Discussions

Experience a deep dive into the future of Bitcoin treasury companies at the Nordic Blockchain Conference in Stockholm, held June 18–19, 2025 — the largest blockchain and Web3 event in Scandinavia.

In this fireside chat, Morten Myrstad, founder and editor of Kaupr, moderates a candid conversation with Christoffer De Geer (CEO, Bitcoin Company Capital AB, Sweden) and Alexander Hagen (CEO, Ace Digital AS, Norway).

Together, they explore whether Bitcoin treasury companies represent a new asset class, and discuss:

  • The business logic behind treasury companies

  • Key differences between holding company shares and investing directly in Bitcoin

  • How resilient these companies are to fluctuations in Bitcoin price

  • The CEOs’ plans to list their company shares

Get unique insights from industry leaders at the heart of the Nordic blockchain scene, and hear their perspectives on the evolving landscape of digital assets and corporate Bitcoin strategies.

Nordic Treasury Tracker

Do you find it challenging to keep up with all the news from Nordic Treasury Companies? So do we! That’s why we’ve created the Treasury Tracker.

In this first edition, we focus on key figures such as recent funding rounds and the total digital assets held on company balance sheets. You’ll also find links to company websites, tickers, trading platforms, and relevant articles we’ve published about each company. We’ve started to include treasury companies accumulating assets beyond just Bitcoin.

In the overview below, companies are listed in alphabetical order.

ACE DIGITAL AS

  • Website: Homepage

  • Share capital and issues: Raised 50 MNOK in May 2025 (Updated 05.05.25)

  • Reserves and acquisitions: 3 BTC  (Updated 30.06.25)

  • Ticker and Exchange: See Comments

  • Largest shareholders: Ace Asset Management 32,6% (UBO’s Alexander Hagen 46% & JNH 40%) Jarle Norman-Hansen 8,1%, , Songa Capital AS (Arne Blystad) 7,8%, INSR ASA/Norda ASA 7,8%

  • CEO: Alexander Hagen

  • Kaupr Content: Bitcoin on the Balance (video, 04.06.25) and  Experienced financiers go “all in” on Bitcoin 

  • Comments: Plan to list on the Norwegian OTC on the 4th of July, IPO and listing on Euronext Growth, Late August 2025.

BOTCOIN TREASURY CAPITAL AB

DONE AI GROUP AB

  • Website: Investor Relations

  • Reserves and acquisitions: 20 MNOK allocated to BTC (Updated 25.06.25)

  • Ticker and Exchange: DONE on Nasdaq European

  • CEO: Steffan Herbst

  • Comments: Done.ai Group AB has initiated an evaluation of blockchain infrastructure as a strategic complement to its AI-native financial platform. As part of this initiative, the company will allocate NOK 20 million to the purchase of Bitcoin,

GOOBIT GROUP AB

  • Website: Investor Relations

  • Share capital and issues:

  • Reserves and acquisitions: 2 BTC (Updated 30.06.25)

  • Ticker and Exchange: GOOBIT at Nordic Growth Market

  • CEO: Christian Ander

  • Kaupr Content: Goobit believes in a change in Sweden's attitude towards crypto and on expansion abroad (video, 19.05.25. This interview was recorded before the Treasury Company trends took off in the Nordics.

  • Comments: Goobit is the mother company of BTCX, which is the first crypto exchange in Sweden, focused on Bitcoin.

GREENMERC AB

H100 GROUP AB

  • Website: Homepage

  • Share capital and issues: Raising proceeds of approximately SEK 74 million (Updated 30.06.25)

  • Reserves and acquisitions: 247.54 BTC after having added 47.33 BTC to the company´s treasury. (Updated: 02.07.25)Community: H100 Hodlers (official) on X

  • Kaupr Content: H100: An Extreme 48-Hour Journey,  Bitcoin on the Balance (video, 04.06.25) 

  • Ticker and Exchange: H100 on NGM Nordic SME, Stockholm

  • CEO: Sander Andersen

  • Comment: The drop in the stock price of H100 Group AB is primarily due to a targeted share issue announced on June 30, 2025. The company issued 8.62 million new shares at a subscription price of SEK 8.55 per share, which represents a 10% discount compared to the closing price on June 27, 2025

K33 AB

NORWEGIAN BLOCK EXCHANGE AS

SAFELLO

  • Website: safello.com

  • Share capital and issues: 

  • Reserves and acquisitions: Treasury consists of 3 BTC and 2,609 TAO (Updated 02.07.28)

  • Ticker and Exchange: SFL at Nasdaqu

  • Largest shareholders: Frank Schuil BV, WSC III LP 

  • CEO: Emelie Moritz

  • Kaupr Content: From crypto broker to crypto bank (video, 26.02.25). This interview was recorded before the Treasury Company trends took off in the Nordics.

  • Other Content: Safello increases exposure to TAO in its strategic crypto reserve (Updated 02.07.25)

  • Other Content: Safello increases exposure to TAO in its strategic crypto reserve (Updated 02.07.25)

  • Comment: Safello is going against the prevailing treasury trend in the Nordics. While others accumulate BTC for balance sheet visibility, Safello has begun selling BTC and accumulating TAO, the native token of Bittensor, a decentralized AI protocol. The move signals a long-term conviction in the intersection of blockchain and artificial intelligence and positions Safello as a thematic leader in tokenized AI exposure.

STANDARDCOIN AS

Thanks for reading!

Thank you for reading! Wishing you a fantastic weekend ahead.

While we’re still finalizing our publishing schedule, one thing’s for sure — we’ll be back with more insights next week. Stay tuned!

Let me also know if you want the newsletter more formal, casual, or with a different tone!

Morten

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