Canadian company Sixty Six Capital, in which K33 owns about 46 per cent, has bought an option on up to 200 bitcoin at US$100,000 each. K33 thereby gains up to 92 bitcoin in added indirect exposure through its stake.
Caption: Torbjørn Bull Jenssen is chief executive of both K33 and Sixty Six Capital.
Sixty Six Capital Inc. is a Canadian company that has held bitcoin on its balance sheet through units in an exchange-traded fund. K33 AB (publ) owns about 46 per cent of it. Sixty Six has now bought an option that could multiply that holding, while moving its existing exposure from fund units to bitcoin it owns directly.
Sixty Six Capital has bought a call option — a right, but not an obligation, to buy — from K33 Holding AS. The option covers up to 200 bitcoin at a strike price of US$100,000 per bitcoin.
The agreement runs for twelve months. It may be exercised once, for between 100 and 200 bitcoin, until 21 August 2027, and settles through physical delivery on-chain.
K33 owns about 46 per cent of Sixty Six Capital. Applied to that stake, the option corresponds to up to 92 bitcoin in added exposure for K33.
K33 Holding AS, which wrote the option, says it has fully hedged its bitcoin price exposure under the agreement. K33 therefore keeps its full pro rata share of the upside at Sixty Six through its ownership.
For this, K33 Holding receives a non-refundable premium of US$1,932,000. The premium covers the cost of the hedge and a facilitation fee. K33's financial result from the agreement will consist of the premium, less the cost and performance of the hedge.
"This is a clear example of the synergies we expected from our investment in Sixty Six," says Torbjørn Bull Jenssen in a press release.
"Sixty Six materially increases its Bitcoin upside and prepares to move its existing holdings on-chain. Because K33 Holding has fully hedged the option, K33 participates pro rata in that increased exposure through our ownership stake. The result is higher effective BTC exposure for both companies," he says.
Sixty Six has sold its holding in the Purpose Bitcoin ETF — an exchange-traded fund that owns bitcoin on behalf of its unit holders — and repaid CAD 2,963,974.4 of financing.
The remaining net proceeds will go towards paying for the option and buying bitcoin directly. That moves the existing exposure from indirect fund units to bitcoin the company holds itself on-chain.
Sixty Six expects to continue using K33 Markets AS for execution, custody and treasury administration of the holding. K33 notes that Sixty Six initiated the client relationship itself, and that onboarding was completed before K33 acquired its stake.
The agreement fits a model K33 has described before, in which the balance sheet is used to earn money from services rather than sitting idle.
"The reason we are building a strong balance sheet is that we have a business model where we can put that balance sheet to work. We use it for liquidity operations, for market-making and exchange operations, and now increasingly for balance-sheet-backed, on-chain products like crypto-collateralised lending," says Bull Jenssen in the presentation of the 2025 annual results. Market-making means quoting both buy and sell prices in the market.
"These are products and services where we can generate yield from having a strong balance sheet. That is what truly differentiates K33 from most other Bitcoin treasury companies out there," he says — meaning companies that mainly hold bitcoin passively on the balance sheet.
K33 says in the release that effective look-through exposure is an analytical measure. It is calculated by applying K33's ownership percentage to Sixty Six's bitcoin exposure.
The figure of 92 bitcoin is therefore not bitcoin K33 owns directly, but its share of the exposure at a company it does not own outright.
Sources: K33
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