Norwegian crypto firm K33 raising more funds to buy up to 1,000 BTC

Norwegian crypto steadfast K33 said Wednesday it plans to rise a minimum of 85 cardinal Swedish krona ($8.9 million) done a stock contented for its program to acquisition up to 1,000 Bitcoin for its institution reserves.

According to its announcement, K33 has appointed Pareto Securities arsenic its manager and bookrunner for the stock issue. The subscription terms per stock is $0.011. K33 expects to contented astatine slightest 820 cardinal shares.

“The nett proceeds from the Directed Share Issue volition beryllium utilized to bargain Bitcoin […] to clasp connected the equilibrium sheet,” the institution said. The determination follows K33’s earlier announcement that it secured financing to get up to 57 Bitcoin (BTC) successful precocious May.

K33 besides said the Bitcoin vulnerability volition besides “unlock existent operational leverage for the Company arsenic a broker.”

The institution expects the holdings to amended its margins, alteration caller merchandise offerings and fortify its entreaty for organization customers. As portion of the initiative, K33 confirmed the purchase of 5 BTC connected Tuesday, worthy astir $523,000 astatine the time.

Source: K33

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Funds raised done stock issue

The institution added that the stock offering volition not beryllium distributed successful the United States, Canada, Australia, Russia, South Korea, oregon successful immoderate different jurisdiction wherever it would beryllium amerciable to connection the product.

K33 CEO Torbjørn Bull Jenssen said the fundraising is simply a measurement toward acquiring 1,000 BTC, with plans to turn the Bitcoin treasury further successful the future:

“A beardown equilibrium expanse built connected Bitcoin enables america to importantly amended our brokerage cognition portion maintaining afloat vulnerability to Bitcoin’s upside potential.”

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Norwegian firms leap into Bitcoin

K33’s determination follows a broader inclination among Norwegian companies investing successful Bitcoin. Earlier this month, Norwegian Block Exchange saw its banal leap much than 138% successful a azygous time aft announcing it would statesman holding Bitcoin connected its equilibrium sheet.

Aker ASA, a Norwegian concern holding company, created a subsidiary called Seetek successful 2021, which is wholly dedicated to investing successful Bitcoin and holding cryptocurrencies. BitcoinTreasuries.NET data shows that this subsidiary present holds 754 BTC, worthy implicit $63 cardinal astatine the clip of writing.

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