European crypto firm K33 raises $6.2M for Bitcoin buys
Summary
Norwegian crypto brokerage firm K33 plans to join the growing number of public companies buying up Bitcoin after raising 60 million Swedish krona ($6.2 million) to buy and hold the cryptocurrency.K33 said on May 28 that it secured financing through convertible loans and a new issue of shares and warrants, which will be used in full to acquire Bitcoin in order to establish the Bitcoin Treasury Strategy.Warrants are zero-interest securities that investors can later convert into equity at the same price. K33 could purchase up to 57 Bitcoin (BTC) at BTCs current price of just over $108,000.K33 CEO Bull Jenssen posted to X on May 28 that he thinks Bitcoin will be the best-performing asset in the coming decade, and his company will accumulate as many as possible while unlocking powerful operational synergies with our brokerage operation.Why wait for the government to build a Bitcoin reserve when you can build you own? If fully exercised, K33 could raise up to 75 million Swedish krona ($7.7 million) for its Bitcoin buy.In K33s interim report for the first quarter, released May 28, Jenssen said K33 is working with other Bitcoin treasury companies in the Nordics and hopes to use its treasury as a foundation to offer new services, such as BTC-backed lending.For K33, Bitcoin is not only a high-conviction asset its also a strategic enabler. With a sizable BTC reserve, we will be able to strengthen our financial position while unlocking new revenue streams, product capabilities, and partnerships, he said.K33s share price traded flat with the news of its Bitcoin treasury pivot and closed May 28 trading down 1.96%, according to Google Finance.Some companies have seen their stock prices gain after announcing a Bitcoin buying plan.Video game retailer GameStop shares jumped nearly 12% on March 26 after the company announced plans to purchase Bitcoin. However, it dropped 11% on May 11 after GameStop made its first purchase of 4,710 Bitcoin.Meanwhile, when Paris-based crypto company Blockchain Group started buying Bitcoin on Nov. 5, its stock spiked 225% to 0.48 euros ($0.52).
Funding
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