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Norwegian digital asset firm K33 has announced plans to issue new shares to raise capital for purchasing up to 1,000 Bitcoin (BTC). The fundraising round has already received full subscription commitments from investors.

K33 Seeks to Raise $8.8 Million for Bitcoin Acquisition

In an official statement, K33 revealed its strategy to issue new company shares to raise at least 85 million Swedish krona, approximately $8.8 million. The subscription price per share is set at 0.1036 SEK, aligning with the closing price on the Nasdaq First North Growth Market as of June 17.

The funds raised will be directed toward increasing the company’s Bitcoin holdings. By adding up to 1,000 BTC to its balance sheet, K33 aims to diversify its portfolio, enhance profit margins, and support scalable growth opportunities.

Strong Investor Backing

The share issuance has already attracted significant pre-commitments. Notably, K33’s CEO, Torbjørn Bull Jenssen, has personally committed approximately EUR 100,000 to the fundraising effort. Jenssen emphasized the firm’s long-term vision, stating:

“We strongly believe that Bitcoin represents the future of global finance and are positioning K33 to benefit maximally from this.”

In addition to Jenssen, existing and new investors have fully subscribed to the offering, demonstrating strong confidence in the company’s strategy.

Key Details of the Share Offering

To participate in the Directed Share Issue, the minimum subscription and allocation amount per investor is the equivalent of EUR 100,000 in Offer Shares. However, K33 retains the discretion to allocate smaller amounts if deemed appropriate.

The application period is scheduled from June 18 at 09:00 CEST to June 19 at 17:30 CEST, though these dates are subject to potential adjustments. Investors applying for shares will simultaneously vote on item 9 at an Extraordinary General Meeting (EGM) set for July 3. This vote would authorize K33’s board to issue additional shares or financial instruments if needed.

The company clarified that share allocations will be determined by the board based on factors such as order size, current holdings, and the strategic fit of the investor. Notifications of allocations are expected around June 23, with settlement and trading of the new shares anticipated to begin in early July.

K33’s Ongoing Bitcoin Accumulation

K33 has been steadily ramping up its Bitcoin acquisition strategy throughout 2023. In May, the firm successfully raised 60 million SEK (approximately $5.6 million) from both internal and external investors to bolster its Bitcoin treasury. The current fundraising effort represents a continuation of this strategy, further solidifying K33’s position in the cryptocurrency market.

As the adoption of Bitcoin and blockchain technology grows, companies like K33 are positioning themselves to capitalize on the evolving financial landscape. By increasing its Bitcoin exposure, K33 aims to secure long-term growth and remain at the forefront of digital asset investments.

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