K33 raised $6.2 million to buy Bitcoin and build a new treasury strategy for its business.
The company plans to use Bitcoin to support growth and offer new crypto financial services.
K33 could raise more funds through warrants if investors convert them before the March 2026 deadline.
Norwegian crypto firm K33 has secured 60 million Swedish krona to build a Bitcoin treasury. The company aims to follow other public firms adding Bitcoin to their balance sheets.
https://twitter.com/Cointelegraph/status/1927930544412598618
K33 raised the funds through convertible loans and new shares. The loans totaled 45 million krona. The share issuance contributed 15 million krona. All proceeds will go toward purchasing Bitcoin.
Bitcoin Purchases Planned
K33 may buy up to 57 BTC at the current price of around $108,000. The company confirmed this move as a new strategic focus. It plans to use Bitcoin to strengthen its balance sheet and offer new services.
K33’s strategy reflects a rising trend among global companies. Several firms are adding Bitcoin to their treasuries amid growing institutional interest. K33’s CEO has emphasized Bitcoin’s role in supporting the firm’s operational and financial goals.
Financing Details Shared
The interest-free convertible loans will mature on June 30, 2028. Investors received zero-interest warrants along with their share purchases. These warrants allow future conversion into equity at the same price.
Investors who convert their warrants before March 2026 will receive additional warrants at the same conversion rate. If fully exercised, K33 could raise up to 75 million krona.
Major contributors to the financing round included insiders and strategic investors. Among them were Klein Group and Modiola AS. These backers aligned with K33’s long-term strategy.
New Services on the Horizon
With a sizable Bitcoin reserve, K33 plans to expand its offerings. The firm is working with other Bitcoin treasury companies in the Nordics. It also aims to explore Bitcoin-backed lending and other financial products.
K33 has described Bitcoin not just as an asset but also a strategic tool. It expects its Bitcoin holdings to enable new revenue channels and partnerships. The move could increase its appeal to institutional clients.
Market Response Mixed
K33’s stock reacted mildly to the announcement. Shares traded flat before dipping 1.96% by the end of May 28, according to Google Finance. The market’s response showed cautious optimism.
Other firms have seen volatile reactions to similar Bitcoin strategies. GameStop saw shares rise after announcing a Bitcoin buy. However, prices later fell after its actual purchase.
In contrast, Blockchain Group’s stock soared after starting its Bitcoin accumulation. Its share price jumped 225% shortly after its initial Bitcoin purchase in November.
K33 joins a growing list of companies adopting Bitcoin as a treasury asset. On the same day, Japan-based Metaplanet issued $50 million in bonds to increase its Bitcoin holdings.
