Major shareholders Morten Klein, Ketil Skorstad and Jonatan Raknes, through companies they control, convert loans of SEK 41.25 million in K33 into loans and options. The options make it possible to subscribe for an additional SEK 82.5 million in new shares.
The companies now converting their loans are Aurora 3 (part of Klein Group, controlled by Morten Klein), Middelborg (controlled by Ketil Skorstad) and Modiola (controlled by Jonatan Raknes.
In the financing round in May, the subscription price was SEK 0.050 per share. The subscription price in June was SEK 0.1036. The conversion rate now in September is also 0.050 SEK. Those who have now converted their loans also retain 1650 million in subscription rights, which give the right to subscribe for new shares until June 15, 2025, also at a price of SEK 0.050, i.e. at a potential total value of SEK 82.5 million.
It was at the end of May that K33 announced its new Bitcoin Treasury Strategy. In parallel, the company raised SEK 60 million in new equity and options. Later, in June, the company carried out a new issue, which brought the capital raised to 185 MSEK in three weeks. Now an additional SEK 41.25 million is defined as equity, but in pure money, this is done as a pure conversion of loans that K33 already had at its disposal.
In recent months, the K33 exchange rate has fluctuated widely, from 0.030 SEK in April, to 0.140 SEK at its highest in late June. Yesterday, the exchange rate ranged between 0.046 and 0.050 SEK. The price has fluctuated both related to the general interest surrounding Bitcoin Treasury Companies, and to K33's own news seam, both on the funding side in as well as the speed in K33's accumulation of new Bitcoin on its balance sheet. On X (formerly Twitter), critical voices have been published from time to time regarding what they perceive as a slow Bitcoin accumulation, while CEO of K33, Toprbjørn Bull Jenssen, has maintained the company's goal of accumulating a stock of 1,000 BTC. K33 currently holds 126 BTC on its balance sheet.
CEO of K33, Torbjørn Bull Jenssen, said in a press release: “OvThe move from convertible loans to equity represents a clear statement of confidence in K33 and our Bitcoin Treasury strategy. It reflects our investors' long-term commitment and positive view of K33, while enabling us to accelerate our bitcoin purchases and further strengthen our strategic position,”
