K33 AB (publ) launched a crypto-backed loan product that lets eligible clients borrow USDC using Bitcoin (BTC) or Ether (ETH) as collateral. The offering is designed to unlock liquidity without forcing asset sales and to convert K33’s Bitcoin treasury into a yield-generating balance-sheet instrument.
The product, built on the Norlend Lending Suite, targets institutional and high-net-worth clients across EMEA and positions K33 among the first Nordic firms to offer bilateral, balance-sheet-backed crypto lending, according to the company announcement.
K33’s loan is structured as a negotiated, bilateral facility rather than a standard retail product. Collateral accepted is BTC or ETH and loans are issued primarily in USDC. Specific interest rates and loan-to-value (LTV) thresholds were not disclosed; the announcement noted conservative LTV settings plus margin-call and liquidation mechanics to manage volatility.
Strategic rationale and market context
K33 framed the launch as an extension of a long-term Bitcoin treasury strategy. By deploying BTC to back client lending, the company aims to generate operational yield while expanding its brokerage and custody product suite. The move both diversifies K33’s revenue streams and seeks to meet demand for liquidity solutions in a Nordic market where crypto-backed lending has been scarce.
The announcement also highlighted regulatory alignment with the EU Markets in Crypto-Assets (MiCA) framework as an element intended to make the product more attractive to institutional counterparties.
Investors and market participants will now watch how the loans perform and how K33 balances treasury deployment with counterparty risk and margin management; early uptake and credit performance over the coming quarters will determine whether the strategy successfully converts BTC holdings into a reliable yield source and broader client utility.
