European Firm K33 to Purchase 1,000 BTC After Raising $9M

Norwegian digital asset firm K33 has raised approximately $9 million from issuing shares. According to the company’s CEO, Torbjørn Bull Jenssen, the company intends to spend the proceeds to accumulate 1,000 BTC.

According to the report, Pareto Securities AS, a capital market company, has been appointed as the exclusive manager and bookrunner for K33’s directed share issue.

K33 Expands Its Bitcoin Portfolio

With Pareto Securities AS leading the transaction, K33 will issue new shares to selected investors. Earlier today, the company bought 5 BTC for $520,771, prompting the CEO to tweet, “Stacking sats while preparing for the big one.”

K33’s share issue program supports its Bitcoin strategy, announced on May 28, which involves buying and holding Bitcoin directly on the company’s balance sheet. This approach aims to boost operational efficiency, profit margins, and attract institutional clients. According to Jenssen, the goal is to acquire 1,000 BTC before further expansion.

The firm chose a directed share issue for its speed and cost-effectiveness in the current market. The subscription price is set at $0.011 per share, matching the closing price on June 17. The minimum target has been secured through pre-commitments from existing and new investors, including K33 CEO’s firm Muunilinst AS. The share issue closes on June 19, with allocation notices expected by June 23, and new share trading is anticipated to start in early July.

Bitcoin Acquisition: A Growing Trend

K33 has joined a slew of companies that have steadily acquired BTC through moves such as convertible note offerings, new shares, and other fundraising mechanisms. For example, DDC Enterprise recently raised $528 million to expand its Bitcoin reserves through three securities purchase agreements on the New York Stock Exchange.

Others, such as Strategy, Metaplanet, and Semler Scientific, have played a leading role in boosting their Bitcoin reserves.

Aside from BTC, other firms have flocked to continuous acquisitions of ETH, SOL, and other major crypto assets.

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