ICG Enters Agreement to Become the First Publicly Traded Bitcoin Treasury Company in Poland

#Company Life \ 01-08-2025

Ice Code Games S.A. (”ICG” or ”the Company”, WA:ICGP) announces today (01.08.2025) a strategic shift in the Company’s capital allocation. ICG is establishing a new business area, Bitcoin treasury, as part of future-proofing its balance sheet and positioning ICG as a Polish pioneer in the Bitcoin industry.

Bitcoin as a Strategic Asset – Storing Value and Positioning for the Future

As part of the ongoing strategic review, the management board has resolved to establish a new long- term strategy for managing profits and other cash flows with Bitcoin accumulation at its center.

The company views Bitcoin not only as a hedge against inflation, but as a global monetary network with the potential to radically transform the way companies store value. In line with international frontrunners, ICG intends to undertake smart capital raising through financial instruments in order to build a Bitcoin reserve that grows over time. The Company’s existing operations are not directly affected by the new business area.

First Phase of Executing the Bitcoin Treasury Strategy
ICG has started negotiations on a directed share issue with a consortium of international investors that also bring specialist expertise in the relatively new field of Bitcoin as a strategic corporate asset. The subscription price is set at PLN 0.11 per share with a target of PLN 4.25 to be raised (1 MEUR), where most of the proceeds will be used to acquire Bitcoin, as the first step in adopting a Bitcoin treasury strategy. ICG ́s second largest shareholder has committed to strengthening the balance sheet of the Company by converting his total outstanding loans amounting to approx. PLN 1.6M at the same subscription price.

Inspired by Global Leaders – A Proven Strategy
A treasury strategy—specifically, a Bitcoin treasury strategy—entails deploying the company’s surplus cash to build a store-of-value reserve in Bitcoin. In practice, the company allocates a portion of its own funds, or capital raised through share issuances, to purchase BTC, treating it as a long-term hedging asset.
The concept of a Bitcoin treasury strategy has already been successfully adopted by several publicly traded companies across the world. Most notably, U.S.-listed companies such as Strategy Inc. (formerly MicroStrategy), which began accumulating Bitcoin in 2020, have significantly enhanced their market visibility, investor engagement, and long-term value proposition through this approach. These companies have demonstrated that allocating part of their corporate treasury to Bitcoin can serve as a long-term store of value, attract a new class of tech-savvy investors, and act as a hedge against fiat currency depreciation.

By becoming the first publicly listed company in Poland to adopt a similar strategy, ICG positions itself at the forefront of financial innovation, aligning with the digital transformation of capital markets and monetary systems worldwide.

A Listed Gateway to Bitcoin Exposure
Through the establishment of a Bitcoin treasury, ICG also creates a unique and regulated vehicle for investors—particularly retail shareholders—to gain indirect exposure to Bitcoin via the public equity markets. For many investors, direct access to Bitcoin can be limited due to technical complexity, security oncerns, or regulatory uncertainty. ICG’s strategy offers an accessible, transparent and professionally managed alternative – listed on the Warsaw Stock Exchange. This positions ICG not only as a corporate innovator, but also as a gateway for traditional investors to participate in the growth of Bitcoin through the familiar format of a publicly traded share.
“Thanks to the capital pledged by investors —and, above all, to the experience of our investment partners, who have already successfully participated in implementing Bitcoin treasury strategies in publicly listed companies—we are now preparing to develop and roll out the optimal operating model for this part of Ice Code Games. I am convinced that combining their know-how with our operational capabilities will translate into tangible, long-term benefits for all stakeholders and I am incredibly excited that we are on the route to become the first listed Polish company to embrace and execute a Bitcoin treasury strategy with our new business area”, says Mateusz Pilski, CEO of Ice Code Games, in a comment.

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