On July 11, K33, a leading digital asset brokerage company, announced its acquisition of 50 Bitcoins for its Bitcoin Strategic Reserve, joining other major firms in this trend.
According to the official blog post, K33 acquired this stake at a valuation of approximately SEK 185 million, bringing its total holdings to 85 Bitcoins on its balance sheet.
This is just the beginning of our Bitcoin accumulation strategy,” Torbjørn Bull Jenssen, CEO of K33, stated in the official blog post. “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.”
Strategy’s Michael Saylor’s Strategy earned a massive $10.3 billion this year from its Bitcoin holdings, thanks to a 19.7% return.
Earlier, K33 Research has released multiple reports, which explain the impact of MicroStrategy’s Bitcoin purchases on market behavior.
The company has also vowed to buy additional Bitcoin using proceeds from the share issue next week.
K33 Accelerates Acquisition After BTC Breaks $118,000 Mark
Amid growing institutional demand, Bitcoin’s historic performance is blowing the roof off. On July 11, Bitcoin continued its bullish momentum and broke the $118,000 mark with a massive jump.
Bitcoin’s surge to cross $118,000 is less a triumph of innovation and more a testament to speculative frenzy and regulatory capitulation. The influx of money into spot Bitcoin ETFs has made it easier for retail investors to gamble on this volatile asset.
“This is an indication that upside momentum may start to pick up, allowing Bitcoin to rally further. But so far, gains have been slow and steady rather than spectacular,” David Morrison, senior analyst, said.
Another crypto analyst, Gerry O’She, believes that Bitcoin’s latest all-time highs show more upside to come. “While the macro environment will continue to remain uncertain, we believe the bull market is far from over and new catalysts, including more institutional platforms allowing access to bitcoin, may help drive the price of BTC to $140,000 or higher this year,” he said.
Also Read: Jetking Goes ‘D-BAAP’: Buying Bitcoin Daily at Any Price
