Norwegian investment firm allocates $58M to Bitcoin and crypto ventures

Norwegian investment firm allocates $58M to Bitcoin and crypto ventures

. NEWS .

Aker ASA has created a new subsidiary to hold Bitcoin on its balance sheet and invest in other companies in the crypto space.

Aker ASA, a $6-billion Oslo Bors-listed holding company, is set to begin investing in Bitcoin. According to a press release issued on Monday, Aker has created a new company called Seetee AS whose mission is to invest in Bitcoin (BTC).

The newly formed Seetee will also delve into the Bitcoin mining arena while looking to forge useful partnerships with major players in the crypto space. Indeed, Seetee has reportedly entered into a collaborative agreement with Blockstream.

According to Blockstream chief strategy officer Samson Mow, the Bitcoin infrastructure firm will work closely with Seetee on its BTC mining and sidechain implementation pursuits.

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.

Outside China, the country ranks eighth in terms of global monthly hash rate, according to data from the Cambridge Bitcoin Electricity Consumption Index. As previously reported by Cointelegraph, Bitfury signed an agreement with a private equity firm to upgrade the latter’s $35-million BTC mining farm.

The press statement also reveals that the new company will look to pursue investments into other firms in the crypto and blockchain arena.

Aker will provide 500 million Norwegian kroner ($58 million) in initial capitalization for Seetee, with the new company holding all of its liquid investable assets in BTC. The move marks a significant departure from Aker’s usual investments in the oil exploring and marine biotech sectors. Tweeting on Friday, Seetee revealed that it has already purchased 1,170 BTC.

Commenting on the rationale for exploring 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 will be unlocked by Bitcoin and blockchain technology, and want to contribute forcefully to that effort.”

Aker is the latest in a growing list of companies around the world investing in Bitcoin in recent months, from business intelligence outfit MicroStrategy to electronic vehicle manufacturer Tesla — and a Canadian restaurant has even converted its cash reserves to BTC.

by Osato Avan-Nomayo

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