K33

What K33 does

K33 is a Norway-headquartered, Sweden-listed digital asset platform (Nasdaq First North Growth Market: K33) offering institutional-grade crypto brokerage, custody, research, and lending services across the European Economic Area following MiCA authorization of its operating subsidiary K33 Markets AS in June 2026. Its core product is K33 Markets, a Request-for-Quote (RFQ) OTC trading platform with no explicit trading, deposit, or withdrawal fees—revenue is captured through embedded bid/ask spreads—supporting 31 cryptocurrencies and 200+ trading pairs across 8 fiat currencies (NOK, USD, EUR, GBP, SEK, DKK, CHF, CAD) with deep-liquidity execution regardless of order size. Complementary products include K33 Vault (cold-storage custody with personalized withdrawal rules and inheritance planning), K33 Research (a subscription research service, $300/month Pro tier, frequently cited in FT, Bloomberg, Reuters, CNBC, Forbes, CoinDesk), K33 Loans (crypto-backed lending against BTC collateral), K33 Smart Limit (precision execution feature), and a REST/WebSocket/FIX API suite.

Its go-to-market combines a self-serve onboarding flow (5-10 minute KYC) with named-client-manager coverage and direct banking relationships anchored at SpareBank 1 in Norway, enabling free direct bank transfers. The business serves three primary segments—institutional investors and businesses, high-net-worth individuals, and corporate treasuries implementing Bitcoin allocation strategies—plus private EU/EFTA clients meeting minimum $25K/$100K annual trading volume thresholds. K33 has pivoted into a Bitcoin Treasury Strategy on its own balance sheet (141 BTC held as of Q3 2025 toward a 1,000 BTC target), funded by a 60M SEK convertible note (May 2025) and a 125M SEK directed share issue (June 2025), and expanded via a ~46% acquisition of Canada-listed Sixty Six Capital Inc. (February 2026, CAD $4.68M). FY2025 revenue of SEK 2.21bn (~ $200M+) was up 128% YoY, with Q1 2026 revenue of SEK 739.8M up 64% YoY.

Name

K33

Legal name

K33 AB (publ)

Website

https://k33.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

11–50 employees

Short description

K33 is a Norway-based, Nasdaq First North Stockholm-listed digital asset platform providing institutional-grade crypto OTC brokerage, custody, research, and lending across the European Economic Area under MiCA authorization. It serves institutional investors, high-net-worth individuals, and corporate treasuries via its K33 Markets, K33 Vault, K33 Research, and K33 Loans products.

Ownership category

akta.pro rank

Product category

Crypto Brokerage Services

NAICS

Securities and Commodity Contracts Intermediation and Brokerage (5231)

SIC

Security & Commodity Brokers, Dealers, Exchanges & Services (6200), Commodity Contracts Brokers & Dealers (6221)

akta.pro primary industry

Institutional / OTC Crypto Credit & Bilateral Lending (FSADAFAD)

Keywords

• Crypto OTC brokerage
• Digital asset custody
• Crypto market research
• Crypto-backed lending
• Institutional trading platform

Headquarters

HQ city

Oslo

HQ country

Norway

HQ region

Europe

Offices1 record

Markets served

GTM type

B2B and B2C

Offering type

Services

Cost components

Operations, Personnel, Technology or R&D, Marketing or Sales, Infrastructure

Revenue model

1. OTC Trading Spreads: K33 operates as a brokerage, not an exchange. Revenue is generated through the Bid/Ask spread built into quoted prices. There are zero deposit, withdrawal, and trading fees. Pricing is directly included in the quoted spread.
2. K33 Research Subscription: Monthly subscription service providing institutional-grade crypto research including This Week in Crypto reports, Ahead of the Curve market analysis, and industry reports. Full access to all research content.
3. Crypto-Backed Lending: Collateralized loans where clients borrow USDC against BTC as collateral. Individually agreed terms including loan size, duration, and LTV ratios. Bilateral loan structures with defined margin call and liquidation mechanisms.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels6 records

Core offering

K33 operates an institutional-grade cryptocurrency OTC brokerage (K33 Markets) that executes trades via Request-for-Quote (RFQ) with no trading, deposit, or withdrawal fees, earning revenue through embedded bid/ask spreads. The company complements trading with secure cold-storage custody (K33 Vault), institutional crypto market research (K33 Research), and crypto-backed lending (K33 Loans), serving institutional investors, corporate treasuries, and qualified private clients across 30+ European countries under MiCA authorization.

Product overview

K33 is a unified digital asset platform combining trading, custody, research, and lending services. The core K33 Markets platform provides institutional-grade OTC crypto trading via RFQ-based execution with deep liquidity across 8 fiat and 31 cryptocurrency pairs. Supporting services include K33 Vault for secure cold-storage custody, K33 Research for market intelligence and analysis, and K33 Loans for crypto-backed lending. The platform also offers K33 Smart Limit for precision order execution and provides API access for institutional integration. K33 is regulated under MiCA in Norway and listed on Nasdaq First North Growth Market.

Differentiator

Problem solved

Functional benefit

Brands

• K33 Vault: Institutional-grade crypto custody service with personalized withdrawal rules and inheritance planning.
• K33 Smart Limit

Products and services

• K33 Markets Institutional-grade crypto OTC trading platform offering deep liquidity, RFQ-based order execution, and support for 8 fiat currencies and 31 cryptocurrencies with no trading, withdrawal, or deposit fees; serves businesses, institutional investors, and qualified private clients.
• K33 Vault
• K33 Research
• K33 Loans Crypto-backed lending product enabling clients to borrow USDC against Bitcoin as collateral, allowing liquidity without selling crypto holdings; features bilateral, collateralized loan structures with individually agreed loan size, duration, and LTV terms.
• K33 Trading APIs

Quantifiable outcome

• 128% revenue growth in 2025 compared to 2024
• +2 more outcomes

Named customers4 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

Yes

API docs

API detail

Core technology

AI maturity

App detail

Integration1 record

Feature4 records

Partnerships

Six partnerships are on record, tiered minor and core.

• Ace Digital ASminorStrategic or Co-development Partner · 16 September 2025Strategic partnership to advance Bitcoin adoption in corporate treasury. K33 provides institutional-grade trading and custody services to support Ace Digital's treasury operations. Ace Digital is a Norwegian Bitcoin company preparing for IPO on Euronext Growth Oslo. K33 CEO joined Ace Digital's advisory board.
• Goobit Group ABcoreStrategic or Co-development Partner · 7 August 2025K33 and Goobit deepened their partnership through shared strategic alignment and infrastructure cooperation. K33 serves as trusted infrastructure partner for trading and custody of Goobit's Bitcoin treasury holdings, complementing Goobit's existing self-custody. Goobit operates BTCX, one of Europe's longest-running Bitcoin exchanges since 2011. Both firms are committed to integrating Bitcoin as a long-term reserve asset.
• Nordic Blockchain AssociationminorStrategic or Co-development Partner · 19 March 2025Collaborative partnership for Crypto Adoption Week 2025, an industry event organized by K33 and Nordic Blockchain Association in collaboration with media partner Kaupr, supported by Safello, Kvarn, and Viska Digital Assets.
• Pensum Asset ManagementminorStrategic or Co-development Partner · 1 January 2025Partnership with Norwegian wealth manager to explore professional and secure exposure to Bitcoin and other digital assets for Pensum's clients. Represents K33's expansion into wealth management segment.
• LaevitascoreTechnology or Integration · 6 December 2024Strategic partnership bringing together K33 Research's acclaimed charts and in-depth research reports with Laevitas' market data platform for cryptocurrencies and derivatives. K33 Research charts are now available on the Laevitas platform with special access for Laevitas users to K33's actionable market analysis.
• SpareBank 1coreOthers · 1 January 2020Major Norwegian banking partnership. All FIAT currencies are 100% held on Norwegian bank account at SpareBank 1. Direct bank transfers supported for free in all 8 supported fiat currencies.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Regional players

• Bitcoin Suisse: Swiss-based crypto financial services provider offering trading, custody, staking, and lending. Comparable in product mix to K33 but serves a different (Swiss/DACH) European geography.
• Safello: Swedish publicly-listed crypto broker offering retail and institutional trading. Direct Nordic regional peer to K33 with overlapping customer segments in Sweden.

Direct peers

• Cumberland Global (DRW): One of the largest institutional crypto OTC trading desks, operated by DRW. Directly competes with K33 Markets for institutional crypto liquidity and large-block execution.
• Falcon Finance (FalconX): Institutional digital asset prime brokerage offering OTC trading, custody, lending, and market data. Closest direct competitor to K33's institutional OTC and lending product stack.

Broad incumbents

• Coinbase Global: Largest US publicly listed crypto exchange and brokerage, offering OTC trading, custody, staking, and institutional services. Overlaps directly with K33's institutional crypto brokerage and custody value proposition at a vastly larger scale.
• Kraken: Major global crypto exchange with institutional OTC desk, custody, and staking services. Direct competitor for K33's institutional and European client base with broader geographic coverage.
• Galaxy Digital: Public crypto financial services firm offering trading, asset management, mining, and Bitcoin treasury strategies. Competes with K33 in institutional crypto trading and increasingly in corporate BTC treasury advisory.

Others

• Circle Internet Group: Issuer of USDC stablecoin, the asset that K33 Loans lends out against BTC collateral. Ecosystem partner and indirect business enabler for K33's lending product.

Emerging players

• Block.one / Bullish: Institutional crypto exchange and EOS parent. Offers institutional digital asset trading and liquidity, overlapping with K33 Markets' institutional OTC offering.
• NYDIG: Institutional Bitcoin-focused firm offering custody, trading, and banking-as-a-service for Bitcoin. Overlaps with K33 on institutional BTC access and the bank-channel distribution model.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks5 records

Key highlights6 records

Customer concentration

• Xx.com/K33Research
• LinkedInlinkedin.com/company/k33

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles6 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors2 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A3 records

Investments4 records

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about K33