Norwegian digital asset services provider K33 reported a sharp decline in second-quarter revenue as global cryptocurrency trading volumes weakened, even as the company secured an EU-wide regulatory license.
K33’s Q2 2026 revenue fell 74% sequentially to 192.9 million Swedish kronor from 739.8 million in the prior quarter, according to a presentation published on August 27. The company’s adjusted EBITDA turned negative at 4.6 million Swedish kronor, compared with a positive 0.2 million in the same period last year, reflecting a 14 million Swedish kronor impact from unrealized Bitcoin valuation effects. Operating expenses totaled 199.4 million Swedish kronor, down from 400.6 million in Q2 2025.
Total assets decreased to 100.8 million Swedish kronor from 114.1 million at the end of Q1, while shareholders’ equity fell to 84.1 million from 102.7 million. The company’s gross profit margin stood at 0.79%, with a financial health score of 2.16 out of 5, rated as fair.
Global cryptocurrency spot trading volumes declined 27.87% in Q2 2026 following a 15.24% drop in the first quarter, continuing a broader slowdown that contrasts with a 31.63% surge in the final quarter of 2025. Bitcoin ended the quarter at $58,524, down 14.2% from the end of March. K33’s effective Bitcoin exposure stood at approximately 167.5 BTC at quarter-end.
Despite the challenging trading environment, K33 secured an unconditional EU-wide authorization under the Markets in Crypto-Assets Regulation (MICA) from the Norwegian Financial Supervisory Authority on June 16. Management noted that roughly 200 to 250 providers received licenses out of approximately 2,500 applicants, with passporting rights extending to Sweden, Denmark, Finland, and Germany.
K33 also highlighted a partnership with Sixty Six Capital, a Canadian-listed Bitcoin treasury company that engaged K33 for management services. A post-quarter option provided Sixty Six Capital with exposure to up to 200 BTC, giving K33 an estimated 92 BTC of potential look-through exposure.
For the full year, K33 projects revenue of approximately 406 million Swedish kronor in 2026, with a forecast of 629 million Swedish kronor in 2027. Earnings per share are expected to reach break-even in 2027.
K33’s shares traded at $0.0255, down 8.93% from the previous close of $0.028, with a 52-week range of $0.0185 to $0.0535.
