Norwegian crypto company K33 is making headlines with its ambitious plan to raise $8.9 million to buy up to 1,000 Bitcoin for its corporate reserves. The firm announced a share issue aimed at bringing in at least 85 million Swedish krona, appointing Pareto Securities as the manager and bookrunner. Each share is priced at $0.011, with an expected issuance of at least 820 million shares.

The funds will be used exclusively to purchase Bitcoin, which K33 intends to hold on its balance sheet. The company sees this move as a way to enhance operational leverage as a brokerage and attract more institutional clients. K33 has already made its first purchase—5 BTC valued at roughly $523,000—as a step toward its larger target.

This isn't K33’s first foray into Bitcoin holdings. In late May, the company secured financing to buy up to 57 BTC. CEO Torbjørn Bull Jenssen said the latest fundraising effort reflects a long-term strategy to build a strong Bitcoin-backed balance sheet. He emphasized that the firm is focused on capitalizing on Bitcoin’s upside potential while boosting brokerage margins and launching new services.

The share offering will not be available in restricted markets like the U.S., Canada, Australia, Russia, and South Korea due to legal constraints.

K33's move aligns with a growing trend among Norwegian firms adopting Bitcoin. Earlier this month, Norwegian Block Exchange saw its stock surge 138% after it announced plans to hold Bitcoin. Industrial giant Aker ASA also entered the crypto space through its subsidiary Seetee, which currently holds 754 BTC—worth over $63 million.