The Norwegian brokerage firm K33 has announced the successful raising of 60 million Swedish kronor (approximately $6.2 million) to establish its own bitcoin treasury. The funds were obtained through the issuance of new shares, warrants, and convertible loans, with financing provided by existing investors.
This is reported by Business • Media
Purpose of K33’s Bitcoin Treasury
The raised funds will be fully invested in bitcoin, allowing K33 to strengthen its position in the digital asset market. Unlike many other companies in the cryptocurrency sector, K33 will not limit itself to simply holding bitcoins. It intends to use this asset to enhance transaction execution quality, expand the range of services, increase trading margins through the use of collateral, and launch new products, including bitcoin-backed lending. Additionally, the company plans to attract more institutional partners.
“The launch of our strategy to create a bitcoin treasury marks an important milestone for K33 and is a step forward. We firmly believe that bitcoin will become an essential part of the global financial system. I am pleased to begin the process of building a strong balance sheet backed by crypto assets, not only as a robust investment but, more importantly, as a strategic tool for K33 as a leading cryptocurrency broker,” said the firm’s CEO Torbjørn Bull Jenssen.
Current Market and Company Plans
At the time of publishing the news, the price of one bitcoin is $108,272, allowing the company to acquire approximately 57.2 BTC. This is significantly less than the top 20 largest bitcoin holders in the world, but for K33, it is a strategic step towards institutional development.
The announcement of the bitcoin treasury did not lead to significant changes in K33’s stock price on the Nasdaq First North Growth Market — the quotes remained stable.
It is worth noting that earlier, analysts at K33 Research pointed out that the slowdown in bitcoin purchases by other companies, including Strategy, is related to increased competition in the small market, reduced premiums, and decreased investor interest.