Norwegian cryptocurrency brokerage K33 plans to join the growing ranks of publicly listed companies purchasing Bitcoin, having raised 60 million Swedish Krona (6.2 million USD) to buy and hold the cryptocurrency.
K33 announced on May 28 that it secured financing through convertible loans as well as newly issued shares and warrants, with the funds "to be used entirely for purchasing Bitcoin to establish a Bitcoin reserve strategy."
Warrants are zero-interest securities that allow investors to convert them into equity at the same price later. At the current Bitcoin price of just over 108,000 USD, K33 could purchase up to 57 Bitcoins.
K33 CEO Bull Jenssen stated in a post on platform X on May 28 that he believes Bitcoin will be "the best-performing asset of the next decade," and his company will "accumulate as much Bitcoin as possible while releasing strong operational synergies with the brokerage business."
"Why wait for the government to establish a Bitcoin reserve when you can build your own? The initial financing is in place, and we are ready to accelerate!" he added in another post.
The total amount of convertible loans is 45 million Swedish Krona (4.6 million USD), interest-free, maturing on June 30, 2028. The remaining 15 million Swedish Krona (1.5 million USD) will be raised through new stock issuance and warrants, according to K33.
If investors convert their warrants before March 2026, they are entitled to receive additional free warrants at the same conversion rate. If fully exercised, K33 could raise up to 75 million Swedish Krona (7.7 million USD) for its Bitcoin purchasing plan.
In K33's mid-quarter report released on May 28, Jenssen mentioned that K33 is collaborating with other Nordic Bitcoin reserve companies and hopes to leverage its reserves as a foundation to offer new services, such as Bitcoin-backed loans.
"For K33, Bitcoin is not just a high-confidence asset—it is also a strategic enabler. With a substantial BTC reserve, we will be able to strengthen our financial position while unlocking new revenue streams, product capabilities, and partnerships," he stated.
According to Google Finance data, K33's stock price remained stable following the announcement of its Bitcoin reserve strategy, closing down 1.96% on May 28.
Some companies have seen significant stock price increases after announcing Bitcoin purchasing plans.
Video game retailer GameStop's stock jumped nearly 12% after announcing plans to purchase Bitcoin on March 26. However, after GameStop's first purchase of 4,710 Bitcoins on May 11, its stock price fell by 11%.
Meanwhile, when Paris-based crypto company Blockchain Group began purchasing Bitcoin on November 5, its stock soared 225% to 0.48 euros (0.52 USD).
Related: Bitcoin (BTC) price remains stable due to corporate adoption and "inflation hedge" narrative
Original article: “European Crypto Firm K33 Raises $6.2 Million for Bitcoin (BTC) Treasury”
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