Sixty-Six Capital Pivots to Direct Bitcoin Holdings and 200 BTC Call Option

Sixty-Six Capital Inc. (CSE: SIX) has overhauled its treasury strategy, transitioning from synthetic Bitcoin exposure to direct on-chain holdings. The move signals a strategic pivot toward greater asset control and increased upside potential through the use of derivatives.

As part of the restructuring, the company sold its holdings in the Purpose Bitcoin ETF. The proceeds from this sale were used to repay CAD 2,963,974.4 in financing and fund a new call option agreement. On August 21, 2026, Sixty-Six Capital entered into a 12-month contract with K33 Holding AS for the right to acquire between 100 and 200 BTC. The option carries a strike price of US$100,000 per BTC and required a non-refundable premium payment of US$1,932,000. The agreement expires on August 21, 2027, and will be settled via physical on-chain delivery.

Strategic Context

Sixty-Six Capital, a Vancouver-based crypto asset investment company listed on the Canadian Securities Exchange, maintains a close operational relationship with K33. The firm utilizes K33 Markets AS for execution and custody services, and K33 acquired an ownership interest in Sixty-Six earlier in 2026. Because K33 is a control person of Sixty-Six Capital, the company has designated this latest call option agreement as a related party transaction.

CEO Torbjørn Bull Jenssen stated that the transaction materially increases the company's Bitcoin upside and prepares the firm to move its existing exposure on-chain. By exiting the ETF wrapper, the company removes the intermediary layer of a fund manager, opting instead for the transparency and sovereignty of direct blockchain ownership.

Industry Implications

This shift reflects a growing trend among publicly traded companies to adopt Bitcoin not just as a passive investment, but as a primary treasury reserve asset. By moving from ETFs to direct holdings and options, Sixty-Six Capital is adopting a more aggressive treasury management style. The use of a call option allows the company to maintain a leveraged position on the price of Bitcoin without requiring the immediate full capital outlay for the underlying coins, while the move to on-chain delivery ensures the assets are held directly by the firm.

What's Next

Market observers will be watching to see if Sixty-Six Capital exercises the option as the August 2027 deadline approaches, which would depend on Bitcoin's price exceeding the US$100,000 strike price. Additionally, the company's transition to a fully on-chain treasury model may serve as a blueprint for other small-cap listed firms looking to optimize their digital asset exposure beyond traditional exchange-traded products.