Compiling losetup statically?

Hello people,
recently I wrote an initramfs, but it is lacking losetup program for 
cryptoloop. util-linux-ng mentions almost no "static" in its manuals, so I am 
hoping, someone here might know and advice me... This time I really need my 
own initramfs, so loop-aes readme can't help. What are the possible 
solutions, if that is an initramfs built around busybox?

Regards,
Jan

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Linux-crypto:  cryptography in and on the Linux system
Archive:       http://mail.nl.linux.org/linux-crypto/