The Norwegian digital assets firm K33 has initiated a directed share issue with the goal of raising at least SEK 85 million, equating to approximately $9 million. The funds are specifically designated for the acquisition of Bitcoin, which will be integrated into the company’s corporate balance sheet.
Key Highlights:
K33 is set to raise a minimum of $9 million to bolster its Bitcoin holdings and enhance its financial standing.
Aiming for a target of 1,000 BTC, the firm seeks to implement a comprehensive treasury strategy.
The inclusion of direct Bitcoin holdings is anticipated to improve K33’s profit margins and draw in institutional investors.
Managed by Pareto Securities AS, the offering establishes a share price of SEK 0.1036, with potential for an open-ended increase beyond the minimum target, as indicated in a press release issued on Wednesday.
This initiative is a component of K33’s larger strategy to fortify its financial base, secure long-term exposure to Bitcoin, and amplify its operational efficacy as a brokerage platform.
K33 Pursues Bitcoin Acquisition Following Early Announcement
K33’s current effort follows an announcement from May 28 outlining a strategic plan focused on accumulating Bitcoin.
By directly holding Bitcoin, the firm intends to leverage operational advantages that can enhance profit margins, introduce new product offerings, and increase its attraction to institutional partners.
The company asserts that this strategy will encourage scalable growth while minimizing risks associated with the newly acquired Bitcoin.
The directed share issue is designed to provide rapid access to capital, enabling K33 to quickly capitalize on favorable market conditions while attracting strategically aligned investors.
CEO Torbjørn Bull Jenssen emphasized that this financing round represents a significant move toward their near-term goal of accumulating 1,000 BTC.
“We strongly believe that Bitcoin represents the future of global finance and are positioning K33 to benefit maximally from this,” he stated.
“A robust balance sheet anchored in Bitcoin allows us to vastly improve our brokerage operations while retaining full exposure to Bitcoin’s upside potential.”
The company has opted not to impose an upper limit on the fundraising effort, granting it the flexibility to expand its Bitcoin reserves in response to investor demand. The board retains the authority to establish a maximum offer size at a future date.
K33 has also reported that the latest share issuance has already been fully subscribed.
— Wu Blockchain (@WuBlockchain) June 18, 2025
K33 has carved out a reputation in the Nordic region as a key player in digital asset brokerage and research, and this latest move aligns it with a rising trend of companies adopting Bitcoin treasury strategies.
Concerns Emerge Over Bitcoin Treasury Strategies
Specifically, Sigel criticized at-the-market (ATM) share issuance programs, indicating that they risk becoming dilutive as stock prices near the company’s Bitcoin net asset value (NAV).
To mitigate the risk of value erosion, he suggested several strategies that include halting ATM programs if a company’s stock trades below 0.95x NAV for a sustained period.
Drawing parallels with past setbacks in the crypto mining sector, he highlighted instances where excessive dilution and high executive compensation led to significant losses for shareholders.
One case he referenced was Semler Scientific, a medical technology firm that entered the Bitcoin market in 2024. Despite acquiring 3,808 BTC, its stock has plummeted more than 45%, with its market-adjusted NAV dropping to 0.82x.
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