K33 is smashing records, fueled by its new Bitcoin Treasury strategy. The Norwegian crypto broker has already generated 803 million SEK in revenue just two months into Q3, after reporting steady earnings and growing market share in Q2.
On Thursday, K33 released its second-quarter results, showing stable revenues alongside gains in market share from Q1 to Q2. Yet what stood out was the company’s move to disclose trending third-quarter figures: a record 803 million SEK in revenue with a full month still left to report.
“Q3 will be our strongest quarter yet. With 126 BTC now on the balance sheet, we have taken the first step toward our 1,000 BTC target, strengthening both our financial position and our product platform.”, CEO Torbjørn Bull Jenssen commented.
In the press release, presentation materials, and webcast, K33 and CEO Anders “Bull” Jenssen emphasized the operational synergies between K33’s role as a crypto broker and its Bitcoin Treasury strategy, launched on May 28. The report also noted that adjusted EBITDA would have been +165,000 SEK, compared with the reported EBITDA of -1,412 SEK.
K33 also highlights its ambition to become a one‑stop Bitcoin shop for banks and institutional inveastors. By using its Bitcoin holdings as collateral, the company can provide banks and other traditional finance institutions with efficient access to a broader global market — facilitated through K33’s role as a broker with direct access to leading global crypto exchanges and marketplaces.
Neither the report nor the presentations disclosed how the Bitcoin Treasury strategy is influencing the sharp increase in revenues seen in July and so far in August. Kaupr therefore asked CEO Torbjørn Bull Jenssen directly:
“Is this an effect of K33 positioning itself as a crypto broker for other Bitcoin Treasury companies?”
“Is this also a result of increased visibility around the K33 brand, as many more people are now following K33 and its Treasury strategy?”
In a brief email response to Kaupr, Bull Jenssen answered: “Yes” and “Yes.”
Time and again, the 12+ Bitcoin Treasury companies in Norway and Sweden have emphasized that they do not see themselves as competitors, but rather as industry partners working together to grow the overall market.
However, with K33—alongside Goobit/BTCX—being the only Nordic players that combine a Bitcoin Treasury strategy with trading services, K33 holds a unique position for further growth, including by serving other Bitcoin Treasury companies as clients, a point now confirmed by Bull Jenssen.
Personal and business networks in the Nordic region also play an important role. For example, K33 and Goobit/BTCX maintain a strategic alignment and infrastructure partnership. Even after K33 sold its stake in Finpeers in January, CEO Torbjørn Bull Jenssen and Finpeers CEO Sander Andersen have continued a strong working relationship.
The buyers in that transaction —A urora3 (Klein Group and Morten Klein) and Tigerstaden (Ketil Skorstad) — are also considered related parties, as they are major shareholders of K33 AB. Morten Klein was among the early investors in H100, which under Andersen’s leadership, has grown into the largest Bitcoin Treasury company in the Nordics. Bull Jenssen is additionally a member of the advisory board at ACE Digital.
For the record, K33 delivered 399 million SEK in revenue in Q2 2025, representing a 108% increase year-over-year. Compared to Q1 2025, revenues declined by 11%, while the broader market experienced an approximate 25% drop in trading volumes. This demonstrates K33’s resilience and its continued market share gains.
