K33 AB, a leading digital asset brokerage and research firm, has bought 50 BTC at a price of around SEK 57.1 million ($5.71 million). The move is in line with the firm’s idea of an active Bitcoin Treasury strategy to accumulate 1,000 BTC for long-term holding.
With this, the Bitcoin owned by K33 reached 85 BTC. The average cost of purchase is roughly SEK 1,089,220 ($108,922) per BTC. The action follows two consecutive successful funding rounds that brought in at least SEK 185 million in gross proceeds, and all amount is allocated for the Bitcoin purchasing campaign.
Torbjørn Bull Jenssen, CEO of K33, shared, “This is just the beginning of our Bitcoin accumulation strategy. We are advancing rapidly toward our initial milestone of 1,000 BTC. With two successful funding rounds closed in quick succession, we are already preparing our next strategic moves.”
According to the company’s press release, it will continue buying Bitcoin next week with the funds from its recent share price.
The firm has become a significant participant in the market for digital asset management services in Europe, the Middle East, and Africa. As part of the Nasdaq First North Growth Market, the firm provides its retail and institutional customers with mid-market execution, vetted ideas, dedicated support, etc.
K33’s Bitcoin-centric business model signals the increasing adoption of crypto holdings by digital asset companies to strengthen their balance sheets.
With the growing institutional Bitcoin adoption, K33’s proactive strategy could lead the way for similar companies aiming to gain from the growing crypto market.
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