European crypto agency K33 raises $6.2M for Bitcoin buys
Norwegian crypto brokerage agency K33 plans to affix the rising variety of public firms shopping for up Bitcoin after elevating 60 million Swedish krona ($6.2 million) to purchase and maintain the cryptocurrency.
K33 stated on Could 28 that it secured financing by convertible loans and a brand new challenge of shares and warrants, which “will likely be utilized in full to accumulate Bitcoin with a view to set up the Bitcoin Treasury Technique.”
Warrants are zero-interest securities that traders can later convert into fairness on the identical value. K33 may buy as much as 57 Bitcoin (BTC) at BTC’s present value of simply over $108,000.
K33 CEO Bull Jenssen posted to X on Could 28 that he thinks Bitcoin would be the “best-performing asset within the coming decade,” and his firm will “accumulate as many as doable whereas unlocking highly effective operational synergies with our brokerage operation.”
“Why look ahead to the federal government to construct a Bitcoin reserve when you possibly can construct you personal? Preliminary financing is secured and we’re able to speed up from right here!” he added in one other put up.
The convertible loans complete 45 million Swedish krona ($4.6 million), are interest-free and mature on June 30, 2028. The remaining 15 million Swedish krona ($1.5 million) will come by a brand new share issuance and warrants, in keeping with K33.
If traders convert their warrants earlier than March 2026, they’re entitled to further free warrants on the identical conversion charge. If totally exercised, K33 may increase as much as 75 million Swedish krona ($7.7 million) for its Bitcoin purchase.
Bitcoin treasury a part of growth plans
In K33’s interim report for the primary quarter, launched Could 28, Jenssen stated K33 is working with different Bitcoin treasury firms within the Nordics and hopes to make use of its treasury as a basis to supply new providers, akin to BTC-backed lending.
“For K33, Bitcoin isn’t solely a high-conviction asset — it’s additionally a strategic enabler. With a large BTC reserve, we can strengthen our monetary place whereas unlocking new income streams, product capabilities, and partnerships,” he stated.
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K33’s share value traded flat with the information of its Bitcoin treasury pivot and closed Could 28 buying and selling down 1.96%, in keeping with Google Finance.
Some firms have seen their inventory costs acquire after saying a Bitcoin shopping for plan.
Online game retailer GameStop shares jumped almost 12% on March 26 after the corporate introduced plans to buy Bitcoin. Nonetheless, it dropped 11% on Could 11 after GameStop made its first buy of 4,710 Bitcoin.
In the meantime, when Paris-based crypto firm Blockchain Group began shopping for Bitcoin on Nov. 5, its inventory spiked 225% to 0.48 euros ($0.52).
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