Norwegian Crypto Firm K33 Raises Capital for 1,000-BTC Treasury Goal

Norwegian cryptocurrency firm K33 announced plans on Wednesday to raise up to 85 million Swedish krona ($8.9 million) via a share issue. The funds will be used to acquire up to 1,000 Bitcoin ($89 million USD) for inclusion in the company’s reserves, driven by its strategy as a Bitcoin treasury broker.

Fundraising Details

The share issue campaign, managed by Pareto Securities as bookrunner, targets a subscription price of $0.011 per share. K33 anticipates raising at least this amount by issuing approximately 820 million shares minimum.

The company’s statement confirms that “The net proceeds from the Directed Share Issue will be used to buy Bitcoin […] to hold on the balance sheet.”

Pivotal Strategy

This initiative follows K33’s May confirmation of securing funding for the initial acquisition of up to 57 Bitcoin. Further execution on Tuesday saw the company purchase an additional 5 BTC, valued then at roughly $523,000.

K33 leverages its Bitcoin treasury strategy to unlock operational advantages. “The Bitcoin exposure will also ‘unlock real operational leverage for the Company as a broker,’” the firm noted.

Management believes the treasury will enhance profitability, introduce new products, and increase appeal to institutional clients.

CEO’s Vision

“A strong balance sheet built on Bitcoin enables us to significantly improve our brokerage operation while maintaining full exposure to Bitcoin’s upside potential,” said CEO Torbjørn Bull Jenssen.

Key to this vision is the stated goal of amassing a 1,000-Bitcoin treasury, with ambitions to grow the position further.

Regional Context

K33’s investment aligns with a broader trend in Norway. Earlier this month, Norwegian Block Exchange experienced a ≈138% stock surge following its own BRC plan announcement.

Demonstrating national significance, Aker ASA, a major industrial holding company, established the wholly-owned subsidiary Seetek in 2021 to concentrate solely on Bitcoin investment and holding. Current holdings in $63M+ worth BTC are managed by Seetek.