Norwegian K33 launches new round of share issuance to purchase 1,000 BTC

Norwegian digital asset firm K33 wants to issue a round of shares to raise enough capital to buy as much as 1,000 BTC. The offering has already received full subscriptions. In an official press release , the Norwegian firm declared that it would issue new company shares in order to raise at least 85 million Swedish krona or equal to around $8.8 million. The digital asset firm has established the subscription price per share at 0.1036 SEK, matching the closing price on the Nasdaq First North Growth Market as of June 17. The capital raised from sales of the shares will be used to add more Bitcoin ( BTC ) to the company’s balance sheet. According to the release, the goal is to buy up to 1,000 BTC. Exposure to more Bitcoin will allow the company to diversify its holdings, improve margins and fuel scalable growth. The issuance has already attracted pre-commitments, including an investment by the CEO of K33, Torbjørn Bull Jenssen himself that amounts to about EUR 100,000. “We strongly believe that Bitcoin represents the future of global finance and are positioning K33 to benefit maximally from this,” said Jenssen in his statement. You might also like: Europe’s first Bitcoin Treasury firm plans to raise $340m to buy more BTC Aside from Jenssen, the company claimed that the shares have already gotten full subscription commitments from both existing and new investors. The minimum subscription and allocation amount in the Directed Share Issue will be a number of Offer Shares equal to EUR 100,000 per investor. However, the company may, at its sole discretion, offer and allocate amounts below the minimum. The application window opens from June 18 at 09:00 CEST and closes on June 19 at 17:30 CEST, though dates are still subject to change. However, by applying for shares, investors will automatically vote in favor of item 9 at an Extraordinary General Meeting on July 3, which would authorize the board to issue shares and financial instruments as needed. “Such undertaking applies to all shares in the Company held or controlled as of the record date for the EGM,” wrote the company in its notice. According to the release, share allocations will be decided by the board, considering factors like order size, existing holdings, and investor fit. Notification of allocation is expected around June 23, with settlement and share trading beginning in early July. Throughout the year, K33 has been accelerating its Bitcoin accumulation strategy. Earlier in May, the Norway-based firm raised 60 million SEK, worth about $5.6 million, from insiders and investors to boost its Bitcoin holdings. You might also like: Norway-based K33 secures 60 million SEK for its Bitcoin treasury

Source: crypto.news