Norwegian crypto firm K33 has announced its intention to raise a minimum of 85 million SEK (approximately 8.9 million USD) through a share issue to acquire up to 1000 Bitcoin.
Plans for Share Issue
K33 has appointed Pareto Securities as its manager and bookrunner for the share issue. The subscription price per share is expected to be $0.011, with at least 820 million shares to be issued.
Funding for Bitcoin Purchase
The company confirmed that the proceeds from the share issue will be used to buy Bitcoin to hold on the company's balance sheet. "The net proceeds from the Directed Share Issue will be used to buy Bitcoin […] to hold on the balance sheet," the company stated. This move follows K33's earlier announcement of securing funding to acquire up to 57 Bitcoins in late May.
Trends Among Norwegian Companies
K33's actions come amid a growing trend among Norwegian firms investing in Bitcoin. Earlier this month, Norwegian Block Exchange saw its stock jump by over 138% in a single day following an announcement to start holding Bitcoin on its balance sheet. Additionally, the industrial holding company Aker ASA created a subsidiary called Seetek, dedicated entirely to investing in Bitcoin and holding cryptocurrencies.
Thus, K33's steps to increase its Bitcoin reserves highlight the growing interest of Norwegian companies in cryptocurrency and its potential to improve business models.
