Norwegian digital asset company K33 announced plans to raise at least 85 million Swedish krona ($8.9 million) through a share issue. The funds will be used to buy up to 1,000 Bitcoin to hold as part of the company’s reserves.
Pareto Securities will manage the share issue, with shares priced at $0.011 each. K33 expects to issue at least 820 million shares.
The company said the money raised will go directly toward Bitcoin purchases to be held on its balance sheet. This follows an earlier move in late May when K33 secured financing to acquire up to 57 Bitcoin. Recently, K33 bought 5 Bitcoin worth about $523,000.
K33 believes that holding Bitcoin will improve its brokerage margins, allow new product offerings, and attract institutional clients. CEO Torbjørn Bull Jenssen said the fundraising is a key step toward reaching the goal of owning 1,000 Bitcoin.
He added that a Bitcoin-backed balance sheet will strengthen the company’s brokerage operations while keeping full exposure to Bitcoin’s potential gains.
This move aligns with a growing trend among Norwegian firms investing in Bitcoin. For example, Norwegian Block Exchange’s stock surged after announcing plans to hold Bitcoin on its balance sheet. Aker ASA also created a subsidiary, Seetek, dedicated to Bitcoin investments, which now holds over 750 Bitcoin valued at more than $63 million.
K33’s share offering will not be available in the U.S., Canada, Australia, Russia, South Korea, or any jurisdiction where such an offer would be illegal. The company’s strategy reflects a broader institutional interest in cryptocurrencies as a financial asset.
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