K33 Aims to Raise $8.9 Million for 1,000 Bitcoin Purchase

Norwegian crypto firm K33 has announced plans to raise a minimum of 85 million Swedish krona ($8.9 million) through a share issue to purchase up to 1,000 Bitcoin for its company reserves. The company has appointed Pareto Securities as its manager and bookrunner for this share issue, with a subscription price per share set at $0.011. K33 expects to issue at least 820 million shares as part of this initiative.

The net proceeds from this Directed Share Issue will be used to buy Bitcoin, which the company plans to hold on its balance sheet. This move follows K33’s earlier announcement in late May, where it secured financing to acquire up to 57 Bitcoin. The company believes that this Bitcoin exposure will unlock real operational leverage for the Company as a broker, improving its margins, enabling new product offerings, and strengthening its appeal for institutional customers. As part of this initiative, K33 confirmed the purchase of 5 BTC on Tuesday, worth roughly $523,000 at the time.

K33’s CEO, Torbjørn Bull Jenssen, highlighted that the fundraising is a step toward acquiring 1,000 BTC, with plans to grow the Bitcoin treasury further in the future. He stated, “A strong balance sheet built on Bitcoin enables us to significantly improve our brokerage operation while maintaining full exposure to Bitcoin’s upside potential.”

K33’s move is part of a broader trend among Norwegian companies investing in Bitcoin. Earlier this month, Norwegian Block Exchange saw its stock jump after announcing it would begin holding Bitcoin on its balance sheet. Aker ASA, a Norwegian industrial holding company, created a subsidiary called Seetek in 2021, which is entirely dedicated to investing in Bitcoin and holding cryptocurrencies. This subsidiary now holds 754 BTC, worth over $63 million at the time of writing.

K33’s share offering will not be distributed in jurisdictions including the United States, Canada, Australia, Russia, South Korea, or in any other jurisdiction where it would be illegal to offer the product. The company’s proactive approach to acquiring Bitcoin aligns with the broader trend of institutional adoption of digital assets, as more companies recognize the value and potential of cryptocurrencies. This move not only provides a hedge against traditional financial risks but also positions K33 as a forward-thinking player in the rapidly evolving digital asset landscape.