European Crypto Firm K33 Raises $6.2M to Build Bitcoin Treasury

European Crypto Firm K33 Raises $6.2M to Build Bitcoin Treasury

Norwegian crypto brokerage K33 has raised 60 million Swedish krona ($6.2 million) to buy and hold Bitcoin (BTC), joining the growing list of public companies adding BTC to their treasuries.

Announced on May 28, the financing came through a combination of convertible loans and a new issue of shares and warrants, all earmarked for executing K33’s new Bitcoin Treasury Strategy.

Source: K33

Up to 57 BTC Targeted in Initial Buy

At current market prices (around $108,000 per BTC), K33 could purchase up to 57 Bitcoin with the raised funds. CEO Bull Jenssen expressed strong conviction in Bitcoin’s future, stating on  X:

“Bitcoin will be the best-performing asset in the coming decade, and we aim to accumulate as many as possible while unlocking powerful operational synergies with our brokerage.”

Jenssen added:

“Why wait for the government to build a Bitcoin reserve when you can build your own? Initial financing is secured, and we’re ready to accelerate from here!”

Financing Structure Explained

The convertible loans account for 45 million SEK ($4.6 million), are interest-free, and mature on June 30, 2028. The remaining 15 million SEK ($1.5 million) comes from the issuance of new shares and zero-interest warrants, which can later be converted into equity at the same price.

If investors exercise their warrants before March 2026, they’ll receive additional free warrants at the same conversion rate. If fully exercised, K33 could raise up to 75 million SEK ($7.7 million) for its Bitcoin acquisition.

K33’s stock price wasn’t affected by the announcement of the firm’s Bitcoin strategy. Source: Google Finance

Bitcoin Treasury Powers Expansion Plans

In K33’s Q1 interim report, Jenssen outlined ambitions to collaborate with other Bitcoin treasury companies across the Nordics. He highlighted that Bitcoin won’t just be a speculative asset for K33, but also a strategic enabler to strengthen the firm’s financial position and fuel new services, such as BTC-backed lending.

“With a sizable BTC reserve, we can unlock new revenue streams, expand product capabilities, and form key partnerships,” Jenssen emphasized.

Mixed Market Reactions to Corporate Bitcoin Buys

Despite the bold move, K33’s share price closed down 1.96% on May 28, according to Google Finance.

Other companies have seen varied market reactions to Bitcoin treasury announcements. For example, GameStop shares surged nearly 12% on March 26 after announcing plans to buy Bitcoin but fell 11% on May 11 after completing its first purchase of 4,710 BTC. Meanwhile, Blockchain Group, a Paris-based crypto firm, saw its stock skyrocket 225% when it started accumulating Bitcoin last November.