tl;dr
Norway-based crypto brokerage K33 has adopted a Bitcoin treasury strategy, securing financing of over 60 million Swedish krona ($6.2 million) to purchase Bitcoin. The firm plans to issue new shares and debt to fund the acquisition, aiming to build a Bitcoin-backed balance sheet. CEO Torbjørn Bull Je...
Norway-based crypto firm K33 has secured SEK 60 million (approximately $6.2 million) in financing to purchase Bitcoin and launch a Bitcoin Treasury Strategy. The company plans to issue new shares and debt alongside existing shareholders to acquire over $6 million in Bitcoin, aiming to build a Bitcoin-backed balance sheet.
CEO Torbjørn Bull Jenssen described Bitcoin as a strategic asset for K33’s future growth and emphasized its growing role in the global financial system. This initiative reflects a wider corporate trend of adopting Bitcoin treasury strategies, contributing to Bitcoin’s surge to near $112,000 in price.
MicroStrategy, a Nasdaq-listed company, pioneered the corporate Bitcoin treasury approach in 2020 and currently holds over 580,000 BTC valued at more than $62 billion. Inspired by this success, other firms such as Tether, Bitfinex, Cantor Fitzgerald, and SoftBank are collaborating to form Twenty One, a new publicly traded Bitcoin treasury company. Twenty One aims to acquire approximately 42,000 BTC, worth about $4.5 billion.
Twenty One will be launched through a SPAC merger with Cantor Equity Partners, an affiliate of Cantor Fitzgerald, and will trade on Nasdaq under the ticker CEP. This reflects an accelerating trend of established financial and crypto firms strategically incorporating Bitcoin into their corporate balance sheets for both investment and operational leverage.