Ice Code Games S.A. (ICG), listed on NewConnect, has successfully completed its Series K share issue, raising PLN 5.4 million – significantly above its initial target of EUR 1 million. The capital will fund the creation of Poland’s first public Bitcoin Treasury, strengthening the company’s balance sheet and creating new value for shareholders. The financing round was led by an international consortium of investors from Scandinavia and beyond. ICG has also partnered with Kraken, a global leader in digital asset infrastructure, as its strategic Bitcoin custody partner.
Oversubscribed funding round
The Series K issue brought in over 26% more than expected. The funds will primarily be allocated to Bitcoin accumulation as part of ICG’s Bitcoin Treasury strategy, making it the first publicly listed company in Poland to adopt this model. The round was supported by international investors as well as existing shareholders, including January Ciszewski and Fingames Lending, which until now had provided only debt financing.
Strong investor interest highlights confidence in ICG’s dual strategy: combining its core business with a Bitcoin Treasury, built passively and in line with best market practices. Most of the proceeds will be used for BTC purchases, debt reduction, and the creation of operational and security structures for the treasury.
The round was led by an international consortium of private investors and family offices, headed by Swedish entrepreneur David Knape, who brings expertise in M&A, finance, and blockchain technology.
“We are here to support ICG not only with capital but also with our expertise in building Bitcoin treasuries, regulatory compliance, and access to international funds. This is just the beginning,” said David Knape.
Bitcoin Treasury strategy
“This round exceeded expectations and marks a breakthrough for Ice Code Games. By building a Bitcoin Treasury within a public company, with institutional safeguards and transparent reporting, we are positioning ICG at the intersection of two fast-growing sectors: digital assets and gaming. With the support of international investors and partners such as Kraken, we are proving that a Warsaw-listed company can operate globally with discipline, ambition, and transparency,” said Paweł Łaskarzewski, CEO of Ice Code Games.
As part of its strategy, ICG acquired InvestLab ASI sp. z o.o., which will serve as a dedicated vehicle ensuring regulatory compliance and auditability of Bitcoin accumulation.
Simultaneously, ICG announced a partnership with Kraken, which will provide professional cold-storage custody, OTC transaction support, and AML/KYC-compliant operations. The company will also publish quarterly “treasury updates” detailing the status and value of its Bitcoin reserves.
Long-term positioning
The offering was part of a dedicated strategic financing round targeted at long-term partners contributing not only capital but also expertise and international networks. This allowed ICG to raise more funds than planned while retaining control of its shareholder structure.
The Bitcoin Treasury strategy involves using part of the company’s capital to gradually accumulate Bitcoin as a long-term reserve asset – a hedge against inflation and a diversification of the balance sheet. Bitcoin, often referred to as “digital gold,” has a capped supply and global recognition, making it an increasingly strategic reserve asset for corporations.
Global examples include MicroStrategy, which since 2020 has accumulated over 640,000 BTC, Tesla’s USD 1.5 billion Bitcoin investment in 2021, and Block (formerly Square), which also uses Bitcoin as part of its balance sheet. These cases have shown the potential of Bitcoin Treasury strategies to boost valuations, attract investors, and enhance corporate reputation.
Leadership transition
On September 18, 2025, Paweł Łaskarzewski was appointed CEO of Ice Code Games to lead the company through this transformative period at the crossroads of capital markets and digital finance. His background in blockchain technology, quantitative strategies, and fintech makes him well-suited to manage a corporate Bitcoin Treasury within the framework of a publicly traded company.
“No other listed company in Poland is pursuing the strategy ICG is implementing. We see the opportunity to build a story comparable to MicroStrategy or Metaplanet – but from the Warsaw Stock Exchange. The treasury model is already proven globally; our task is to deliver it with the transparency and discipline expected of a public company,” concluded Paweł Łaskarzewski.
