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K33 is a cryptocurrency broker. It is listed on the Nasdaq First North Growth Market. K33 aims to provide leading cryptocurrency brokerage services to private clients and institutional partners in the EMEA region.
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K33 Releases Q1 2026 Financial Results: Revenue Up 64% Year-on-Year, Net Loss Widens
According to K33’s official announcement, K33 AB (publ) released its Q1 2026 interim report on May 21, 2026. Revenue for the quarter reached 739,822 kSEK, representing a 64% year-on-year increase and a 73% sequential increase, despite an approximately 15% decline in overall spot market trading volume during the period. K33 Markets’ rolling 12-month trading volume amounted to approximately SEK 2.7 billion. Impacted by the decline in Bitcoin’s price, the quarter’s net loss widened to -35,815 kSEK (compared to -4,033 kSEK in the same period last year), with EBITDA at -6,103 kSEK. Operationally, K33 launched a crypto-asset collateralized lending service this quarter, completed a major platform upgrade with full bank integration, and expanded its Bitcoin strategic exposure through the acquisition of a 46% equity stake in Sixty Six Capital. The company stated it is prepared for MiCA compliance approval, which is expected in late Q2. Following the end of the quarter, Bitcoin’s price rebounded significantly, positively impacting the valuation of the Group’s Bitcoin exposure.
K33: Current market trends differ from past bear market rallies, $60,000 Bitcoin may be the cycle bottom
crypto research firm K33 stated that although Bitcoin has retested its 200-day moving average around $82,000 this month and subsequently fallen by about 6%, the low near $60,000 in February this year may still represent the maximum drawdown of this cycle. K33 Research Head Vetle Lunde pointed out that unlike the bear market rallies in 2014, 2018, and 2022, this market experienced a slow recovery lasting 189 days after breaking below the 200-day moving average. Furthermore, market leverage and risk appetite have not been quickly rebuilt. Therefore, the current trend resembles a moderate correction rather than a precursor to another sharp decline.K33 also noted that institutional fund flows still reflect a defensive sentiment. The latest 13F filings show that institutional investors reduced their holdings by a total of approximately 26,733 BTC in the first quarter, while retail investors increased their holdings by about 19,395 BTC. Neutral strategy institutions like Jane Street and Millennium accounted for most of this reduction. Additionally, Bitcoin ETFs recently recorded the ninth-largest five-day capital outflow since the launch of U.S. spot ETFs. K33 believes this typically occurs when BTC is near the cost basis of ETF holdings, reflecting investors' tendency to cut losses or reduce risk exposure after experiencing significant drawdowns. (The Block)
K33: Strategy’s STRC May Be Driving Mid-Month Bitcoin Rallies
Vetle Lunde, Head of Research at K33, stated that Strategy’s perpetual preferred stock, STRC, may be becoming a significant factor driving Bitcoin’s mid-month upward movements.Lunde noted that STRC dividends are paid on the last day of each month, with the ex-dividend date set around the 15th of each month. As Strategy issues additional shares via an ATM mechanism when the STRC price exceeds its $100 par value and uses the proceeds to purchase BTC, the increase in demand for STRC before each ex-dividend date tends to drive more BTC buying.Data shows that the scale of BTC purchases by Strategy through STRC has grown from 4,467 BTC in January of this year to approximately 46,872 BTC in April. Strategy’s total Bitcoin holdings have now reached 818,869 BTC, valued at about $65.7 billion.However, K33 also pointed out that the speed at which STRC has returned to its par price this month has slowed compared to earlier periods. Recently, the tool was used to accumulate only 1 BTC, suggesting that market demand may be approaching a phase of temporary stabilization.
K33: Bitcoin funding rate has been negative for 46 consecutive days, increasing the likelihood of a short squeeze.
According to a report by research firm K33, Bitcoin’s 30-day average funding rate has remained negative for 46 consecutive days—matching the duration observed at the bottom of the 2022 bear market. Historically, only two longer periods of negative funding rates have occurred: from March to May 2020 (63 days) and from June to August 2021 (49 days). Vetle Lunde, Head of Research at K33, noted that the current negative funding rate—combined with rising open interest and price appreciation—signals unusually aggressive short positioning, increasing the likelihood of a short squeeze and potentially enabling Bitcoin to break out of its 68-day consolidation range. Bitcoin has rebounded approximately 23% from its February 6 low of around $60,000, yet remains roughly 41% below its all-time high of approximately $126,000 reached in October 2025.