K33 is taking over executive management of Canadian Sixty Six Capital under a new agreement. With both ownership and operational control in place, K33 can manage the two companies' bitcoin holdings more jointly.
K33 AB (publ) is listed on Nasdaq First North Growth Market and provides regulated digital asset services to private and institutional clients across EMEA. The company became the largest shareholder in Sixty Six Capital earlier this year, following an agreement to acquire 46.27 percent of the Canadian company that was finalised in March. Sixty Six Capital is listed on the Canadian Securities Exchange under the ticker SIX and operates as a pure bitcoin treasury company, aiming to increase bitcoin per share over time.
"We invested in Sixty Six because we believed there were opportunities to create more value together than as independent companies," said Torbjørn Bull Jenssen, CEO of K33.
The new agreement means K33 will provide executive management and related corporate services to Sixty Six. It took effect on 1 April this year and formalises a role the two companies have effectively been working towards since K33 came onto the shareholder register.
The difference from exercising ownership alone is real. A 46.27 percent stake confers influence through the general meeting and the board, while a management agreement puts K33 in charge of day-to-day operations. That distinction is what makes it practically possible to treat the two balance sheets as parts of the same apparatus.
K33 takes an active approach to bitcoin on its own balance sheet, using the holding as part of the business model rather than letting it sit passively. The company has pointed to treasury-backed lending and other capital-efficient solutions as examples of what a larger effective bitcoin balance can support.
Sixty Six represents the opposite: a pure accumulation strategy with no operating business around the holding. With the management agreement in place, K33's own infrastructure for custody, lending and currency solutions can be applied to both holdings, while Sixty Six retains its strategy of increasing bitcoin per share.
As of 30 March 2026, K33 held 168 bitcoin on its own balance sheet, while Sixty Six held 149 bitcoin at the time of K33's acquisition. Together that is 317 bitcoin, worth just over 20 million dollars at a bitcoin price of 64,000 dollars. Sixty Six has no business other than owning and accumulating bitcoin, and K33 runs an active bitcoin treasury of its own. Kaupr therefore considers it reasonable to assume that more consolidated management of the holdings is a central driver behind the agreement. We would note at the same time that the bitcoin holdings are not mentioned directly in K33's announcement of the management agreement.
When K33 launched its bitcoin treasury strategy in 2025, Torbjørn Bull Jenssen stated that the goal was to build a holding of 1,000 bitcoin. Since then, the bitcoin treasury model has faced considerable headwinds in equity markets.
K33 owns 46.27 percent of Sixty Six, so its indirect exposure to the Canadian holding is correspondingly smaller than the full position. Measured against the 1,000 bitcoin target, the two balance sheets remain some distance away, even combined.
K33 describes the agreement as a natural next step in the collaboration, contributing experience in digital assets, capital markets, regulatory compliance and corporate development. The point from K33's side is that this draws on expertise and infrastructure the company has already built through its regulated operations.
Under the agreement, K33 receives an annual fee of 200,000 Canadian dollars, payable quarterly. The amount is limited in itself, but it broadens K33's portfolio of recurring service revenues.
The agreement illustrates how K33 is attempting to connect two parts of its strategy: continued growth in the regulated services business, and selective strategic investments. The idea is that the company can strengthen the businesses it invests in by contributing its own operational expertise, and in doing so extract more value from its holdings.
"K33 contributes operational expertise, regulatory experience and digital asset infrastructure, while benefiting from the long-term value created through our ownership in Sixty Six," said Torbjørn Bull Jenssen.
The two companies say they continue to evaluate further ways to deepen the collaboration. What that might involve in concrete terms has not been specified.
Sources: K33, Kaupr
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