K33 raises $6.2 million to launch Bitcoin treasury initiative

Cryptocurrency brokerage firm K33 announced plans to purchase Bitcoin on Wednesday after raising 60 million Swedish krona (roughly $6.2 million) to buy and hold the digital asset. The Norwegian company noted in its announcement that it acquired the digital currency in order to establish a Bitcoin treasury strategy.

The firm said it secured financing through convertible loans and a new issue of shares and warrants. K33 also revealed that the warrants are zero-interest securities that investors can later convert into equity at the same price.

K33 plans to accumulate as much BTC as possible

📢 PRESS RELEASE: K33 secures financing of SEK 60 million to buy bitcoin and launch its Bitcoin Treasury Strategy.

Read the press release here: https://t.co/zRPFCWag5P pic.twitter.com/qAha0lpKnt

— K33 (@K33HQ) May 28, 2025

K33 CEO Bull Jensen believes Bitcoin will be the best-performing asset in the coming decade. He said his goal with the brokerage firm is to accumulate as much BTC as possible, while unlocking powerful operational synergies with the company. The firm’s official also said the crypto company drew inspiration from best practices across the industry.

The Norwegian firm announced on May 38 that K33 plans to establish a Bitcoin treasury strategy after it gathered 60 million Swedish krona ($6.2 million) to acquire BTC. Jensen said his company hopes to use its Bitcoin holdings as a foundation to offer new services, such as BTC-backed lending.

He also questioned the need to wait for the government to build a BTC reserve when you can build your own, adding that initial financing is secured and the company is “ready to accelerate from here.”

“The launch of our Bitcoin Treasury Strategy marks a major milestone for K33 and is a leap forward on our strategy. 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.”

–Bull Jensen, CEO of K33.

K33 revealed that the zero-interest convertible loans totaling 45 million Swedish krona ($4.6 million) will mature on June 30, 2028. The company added that the remaining 15 million Swedish krona ($1.5 million) will come through a new share issuance and warrants. 

According to the brokerage firm, investors are entitled to additional free warrants at the same conversion rate if they convert their warrants before March 2026. If the company’s plan is finalized, it could raise 75 million Swedish krona ($7.7 million) for its Bitcoin purchases. At the time of publication, Bitcoin is currently exchanging hands around $108,850, a 14.28% jump in the last month.

Data from Google Finance showed that K33’s share price traded flat with the news of its Bitcoin treasury pivot and closed on May 28, trading down 1.96%. The crypto firm also revealed its revenue for the first quarter of this year climbed to SEK 450 million ($46.6 million), up 200% year-on-year.

K33 wants to use the treasury to offer new services

In K33’s interim report for Q1 2025, released May 28, Jensen noted that the company is working with other Bitcoin treasury firms in the Nordics. He said the companies hope to use K33’s treasury as a foundation to offer new services, such as BTC-backed lending.

The company’s CEO said K33 regards Bitcoin as a high-conviction asset and a strategic enabler. He believes that with a sizable BTC reserve, the company will be able to strengthen its financial position while unlocking new revenue streams, product capabilities, and partnerships.

The crypto firm’s Head of Research, Vetle Lunde, said in a report published Tuesday that K33’s move to accumulate Bitcoin aligns with similar strategies adopted by firms like Strategy and Japan’s Metaplanet. He also noted that while Strategy remains a major buyer, the pace of its acquisitions has slowed in recent weeks. 

Lunde argued that the slowdown can be attributed to a narrowing premium on Strategy’s Class A common stock (MSTR) relative to its BTC holdings. He also attributed the slowdown to the growing competition in the corporate Bitcoin accumulation race.

Metaplanet also announced Thursday the issuance of its 17th Series of Ordinary Bonds to EVO FUND. The firm revealed that it issued $21 million in zero-interest bonds to purchase additional Bitcoin.

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