Key Takeaways
- K33 has raised $6.2 million to fund its Bitcoin treasury strategy.
- The company aims to use Bitcoin to support new products like BTC-backed lending.
- Q1 revenue for K33 reached $46.6 million, up 200% year-over-year.
Norway-based firm K33 has secured 60 million Swedish kronor ($6.2 million) in financing to support its new Bitcoin treasury strategy.
The funds were raised through a mix of newly issued shares, warrants worth SEK 15 million, and convertible loans totaling SEK 45 million.
Expansion of product offerings
K33, listed on the Nasdaq First North Growth Market, aims to use the Bitcoin purchase not just as an investment but to expand its product offerings.
CEO Torbjørn Bull Jenssen said:
We strongly believe that Bitcoin will become an instrumental part of the global financial system. I am excited to now start the process of building a strong balance sheet backed by Bitcoin.
Dual role of Bitcoin
According to the firm, Bitcoin will play a dual role—serving as a long-term holding and a…
… strategic enabler.
K33 plans to enhance its trading margins and develop new services, including Bitcoin-backed lending.
Financial performance
The company also reported strong Q1 earnings, with revenue reaching SEK 450 million ($46.6 million), marking a 200% increase year-over-year.
Comparative strategies
K33’s approach mirrors strategies taken by companies like Strategy and Metaplanet.
However, Strategy’s pace of Bitcoin purchases has slowed recently, partly due to a shrinking premium on its MSTR stock and increasing competition, K33 Head of Research Vetle Lunde noted.
Current Bitcoin market
At the time of writing, Bitcoin was trading at $107,971, down 0.9% over the past 24 hours.
