As the crypto market stays volatile, a Norwegian company is boldly raising funds to massively buy Bitcoin. With 1,000 BTC in sight, worth over $60 million currently. What truly lies behind this strategic move ?
In an official statement, K33 has unveiled its intention to issue new shares at a price of 0.1036 SEK per share. This is the closing price as of June 17 on the Nasdaq First North Growth Market. The goal is to raise at least 85 million Swedish kronor, which will be used to bolster the company’s BTC holdings.
According to the announcement, K33 aims to acquire up to 1,000 BTC through this fundraising round. This substantial increase in exposure to Bitcoin will allow the company to diversify its portfolio, enhance its margins, and promote scalable growth.
The issuance of shares has already generated significant investor interest, with commitments from existing and new investors. K33’s CEO, Torbjørn Bull Jenssen, has personally invested about 100,000 euros in this strategic initiative.
“We firmly believe that Bitcoin represents the future of global finance, and we are positioning K33 to make the most of it,” said Jenssen.
The share allocations will be determined by the board of directors based on criteria such as order size, existing holdings, investor suitability, market conditions, and strategic priorities. Allocation notifications are expected around June 23, with settlement and trading of shares commencing in early July.
This new fundraising effort is part of K33’s aggressive Bitcoin accumulation strategy throughout the year. Last May, the Norwegian company had already raised 60 million Swedish kronor (about 5.6 million dollars) from investors to boost its exposure to cryptocurrency.
With this new share issuance, K33 aims to assert its confidence in the long-term potential of Bitcoin and demonstrate its commitment to capitalizing on this trend significantly.
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