Norway-based K33 raises $6.2 million to buy Bitcoin, unveils treasury strategy

Norway-based crypto firm K33 has launched its Bitcoin treasury strategy, raising  60 million Swedish kronor ($6.2 million) in financing to purchase Bitcoin — as it seeks to unlock new product opportunities.

K33, listed on Nasdaq First North Growth Market,  announced on Wednesday that it has secured financing through a combination of newly issued shares and warrants totaling SEK 15 million, along with convertible loans amounting to SEK 45 million.

"We strongly believe that Bitcoin will become an instrumental part of the global financial system," Torbjørn Bull Jenssen, CEO of K33, said in the statement. "I am excited to now start the process of building a strong balance sheet backed by Bitcoin, not only as a strong conviction investment but, more importantly, as a strategic enabler for K33 as a leading cryptocurrency broker."

In a separate statement , Jenssen said that the company is "drawing inspiration from best practices across the industry."

As part of its Bitcoin initiative, K33 noted that it plans not only to hold Bitcoin long-term but also to "use it as a strategic enabler." The company intends to "unlock the next phase in its product roadmap" by expanding product capabilities, including improving trading margins and launching new services such as BTC-backed lending.

The company's revenue for the first quarter of this year rose to SEK 450 million ($46.6 million), up 200% year-on-year, according to its latest earnings report released Wednesday.

K33's move to accumulate Bitcoin aligns with similar strategies adopted by firms like Strategy and Japan's Metaplanet. However, while Strategy remains a major buyer, the pace of its bitcoin acquisitions has slowed in recent weeks . The slowdown can be attributed to a narrowing premium on Strategy’s Class A common stock (MSTR) relative to its bitcoin holdings, as well as growing competition in the corporate Bitcoin accumulation race, K33 Head of Research Vetle Lunde said in a report published Tuesday.

Bitcoin traded down 0.9% over the past 24 hours at $107,971 at the time of writing, according to The Block's price page .