Brokerage Firm K33 Expands Bitcoin Holdings with 36 BTC

K33, a digital asset brokerage and research firm, announced Monday that it has increased its bitcoin (BTC) investment vehicle. The latest purchase comes when the leading crypto asset surpassed the $122,000 price mark, profiting investors.

The brokerage firm revealed that it purchased 36 BTC for approximately SEK 42.8 million (over $5.4 million). In recent times, the European firm has made intentional efforts to acquire BTC. The firm purchased 50 BTC, worth $5.9 million, to boost its holdings.

Long-Term Confidence Drives Accumulation

According to the latest announcement, the company now holds a total of 121 bitcoins, valued at over $14.5 million at current market prices. K33 acquired the asset at an average price of SEK 1,119,121 ($116,34) per BTC.

Following the transaction, the firm’s stock surged 3.29%. The company’s CEO, Torbjørn Bull Jenssen, revealed that it is planning to acquire more bitcoins as it has completed two funding rounds.

“This is just the beginning of our Bitcoin accumulation strategy. We are advancing rapidly toward our initial milestone of 1,000 BTC. With two successful funding rounds closed in quick succession, we are already preparing our next strategic moves,” Jenssen said.

Notably, the European firm’s approach to its BTC holdings demonstrates the firm’s deep confidence in the asset’s long-term potential. It aims to leverage bitcoin as a driver of competitive advantage within its brokerage operations.

Prominent Firms Stacking BTC

Interestingly, the company has followed the steps of other big firms stacking bitcoin, especially Strategy, the world’s largest corporate BTC holder, which laid the foundation for acquiring the asset. The micro intelligence firm started purchasing BTC as far back as August 2020, with a first purchase of 21,454 BTC, $250 million at the time.

With Strategy’s latest acquisition, the entity holds a total of 601,550 BTC (over $73 billion at current market price), which translates to an unrealized profit of $30 billion. It also represents an over 69% increase in its total cost.

Aside from Strategy, Metaplanet, a Japanese investment firm, also went for bitcoin shopping. The company recently announced that it acquired 797 BTC, valued at $95 million. The asset was purchased at an average price of $117,451 per bitcoin. With its latest buy, the entity currently holds a total of 16,352 BTC, worth roughly $2 billion at the current market price.