Norwegian digital asset firm K33 has launched a directed share issue aimed at raising at least SEK 85 million (roughly $9 million), with proceeds earmarked for Bitcoin purchases to be held on its corporate balance sheet.
Key Takeaways:
K33 is raising at least $9 million to buy Bitcoin and strengthen its balance sheet. The firm aims to reach a 1,000 BTC target as part of its broader treasury strategy. Direct Bitcoin holdings are expected to boost K33’s margins and attract institutional clients.The offering, managed by Pareto Securities AS, sets the share price at SEK 0.1036 and allows for an open-ended raise beyond the minimum amount, according to a Wednesday press release.
The move is part of K33’s broader strategy to solidify its financial foundation and gain long-term exposure to Bitcoin, while enhancing its operational strength as a brokerage platform.
K33 Advances Bitcoin Accumulation Strategy After May 28 Disclosure
K33’s initiative follows a May 28 announcement detailing a dedicated BTC accumulation strategy.
By holding Bitcoin directly, the firm aims to unlock operational leverage that would improve profit margins, enable new product lines, and bolster appeal to institutional partners.
The company believes this approach will fuel scalable growth without exposing the acquired BTC to risk.
The directed share issue offers quick access to capital, allowing K33 to respond swiftly to favorable market opportunities while bringing in strategically aligned investors.
CEO Torbjørn Bull Jenssen said that the financing round marks a major step toward the company’s near-term target of acquiring 1,000 BTC.
“We strongly believe that Bitcoin represents the future of global finance and are positioning K33 to benefit maximally from this,” said Jenssen.
“A strong balance sheet built on Bitcoin enables us to significantly improve our brokerage operation while maintaining full exposure to Bitcoin’s upside potential.”
The company has not set an upper limit for the raise, giving it flexibility to expand its BTC reserves further should demand from investors allow. The board retains the discretion to introduce a maximum offer size at a later stage.
K33 is recognized in the Nordics for its role in digital asset brokerage and research, and this latest initiative places it among a growing number of firms pursuing Bitcoin treasury strategies.
VanEck Warns BTC Treasury Strategy May Backfire
Just recently, VanEck’s head of digital asset research, Matthew Sigel, raised concerns about the Bitcoin treasury strategies used by certain public companies, suggesting that continued accumulation of BTC could soon harm shareholders more than help.
He specifically criticized the use of at-the-market (ATM) share issuance programs, warning that they can become dilutive when stock prices approach the company’s Bitcoin net asset value (NAV).
Sigel proposed several measures to prevent value erosion, including pausing ATM programs if a company’s stock trades below 0.95x NAV for over 10 days.
He drew comparisons to past failures in the crypto mining sector, where excessive dilution and executive pay led to major shareholder losses.
As an example, he cited Semler Scientific, a medical tech firm that entered the BTC space in 2024.
Despite acquiring 3,808 BTC, its stock has fallen over 45%, and its mNAV has dropped to 0.82x.
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