36 Group has renegotiated a financing agreement with Loft Capital, paying down a bitcoin-backed loan through bitcoin sales and warrant exercises. A new letter of intent also opens the door to up to SEK 11.25 million from another Loft fund.
Photo: Chris Steele, CEO of 36 Group
36 Group AB — known as Tangiamo Touch Technology AB until its name change in January 2026 — is a Swedish gaming technology group listed on NGM Nordic SME under the ticker 36GRP. The financing agreement with Loft Capital Limited, an investment firm that structures capital for listed small-cap companies in financial transition, was entered into on 16 December 2025, when the company was still named Tangiamo. The loan is partly secured by bitcoin the company has pledged to Loft.
36 Group has had a difficult year. In the second quarter of 2026, net sales came to SEK 15,000, down from SEK 11,552,000 in the same quarter the previous year. For the first half of the year as a whole, net sales were SEK 206,000, while the operating result was a loss of SEK 11,031,000. At the end of June, the company had SEK 41,000 in cash.
This is not the first time in 2026 that 36 Group has sold pledged bitcoin to service the loan to Loft. In the first half of the year, the company sold 0.6802 bitcoin from the pledged reserve, in agreement with Loft, with the proceeds set off against the loan. Now, additional bitcoin is being sold from the remaining 0.9885 bitcoin still pledged. At the same time, warrants are being exercised — in the first half of the year, 10,000,000 shares were subscribed through warrant exercises for SEK 1,364,400, settled through set-off, and after the end of the period a further 12,500,000 shares for SEK 1,146,000, also through set-off.
What remains of the loan after the bitcoin sales and warrant exercises is set to be paid down in installments. As security for this repayment plan, 36 Group is issuing new shares to Loft Capital.
In addition, a separate loan of SEK 275,000 is being converted into shares in 36 Group, as part of the overall renegotiation with Loft Capital.
Alongside the renegotiation of the existing loan, 36 Group has signed a non-binding letter of intent for new financing of up to SEK 11.25 million. This financing does not come from Loft Capital Limited itself, but from Loft Structured Opportunities Fund I, another fund within the Loft group. The financing is structured as convertible loans with attached warrants.
Both the repayment of the existing loan and the new financing involve the issuance of new shares. The combination of shares as security, the conversion of a loan into shares, and convertible instruments in the new agreement could together result in significant dilution for existing shareholders.
The new financing is so far only a non-binding letter of intent. It remains to be seen what the final structure and terms will look like, and whether the agreement is actually signed and carried out.
36 Group's board justifies the choice of this financing solution by saying it is considered a safer alternative than going to the market with a new share issue, given the company's current financial situation.
Sources: 36 Group
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