Aker ASA, a $6 billion Oslo Bors-listed holding company owned by billionaire Kjell Inge Rokke announced that they launched a new firm named Seetee and invested an initial NOK500 million ($58 million) into Bitcoin, which now holds about 1170 bitcoin. Aker said that it plans to keep its all liquid investable assets in cryptocurrency.
“Bitcoin is our treasury asset… and our strategy is to hold,” the company said on its website.
Initially, Seetee will focus on four areas:
- Investing in & owning bitcoin.
- Joining the bitcoin and blockchain community
- Launching bitcoin verification operations
- building and investing in innovative projects and companies in the blockchain ecosystem
Seetee will actively partner with other companies to accelerate its initiatives, and the company has already entered into a collaboration agreement with Blockstream, which will initially focus on mining operations, using green energy sources in a bid to promote sustainability, which will help to remove the fear of Bitcoin’s alleged energy consumption.
Despite the Norwegian government ending electricity subsidies for BTC miners back in November 2018, Bitcoin mining activity in the country still contributes to a significant proportion of the global hash rate distribution. According to data from the Cambridge Bitcoin Electricity Consumption Index, outside China ranks eighth in terms of global monthly hash rate.
Commenting on the Bitcoin Investments, Aker CEO Øyvind Eriksen Remarked:
“With the launch of Seetee, the Aker Group makes another move into software and fintech. We are very excited about the industrial opportunities that Bitcoin and blockchain technology will be unlocked and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.”
Also Read: Microstrategy To Buy Another Bitcoin Dip Despite Holding Over 90,000 Bitcoin
Chairman Kjell Inge Rokke Further Opined:
Bitcoin may still go to zero. But it can also become the core of a new monetary architecture. If so, one bitcoin may be worth millions of dollars.
The institutional adoption of Bitcoin is now becoming a global movement. It looks like that corporate domino effect for Bitcoin investment has kick-in finally. Beginning in the United States of America and China, and now Norway. After Meitu, Aker is the second Firm to commit such massive capital to Bitcoin in the last two days.
