Norway Energy Firm Sets Up Bitcoin Focused Entity

Aker Solutions, Norwegian energy company, is establishing a new entity focused on Bitcoin (BTC) after its CEO, Kjell Inge Røkke, discussed the significance of cryptocurrency in a shareholder letter published recently.

Aker stated that it had set up Seetee, a cryptocurrency centered investment firm that intends to capitalize on the Bitcoin network. The new entity has been established with a startup capital of $59 million or 500 million Norwegian Kroner, which Aker believes will “increase significantly over time as we gain experience and identify exciting opportunities.”
The company explained:

“Aker’s de­ci­sion to en­ter Bit­coin through See­tee is the re­sult of a long and fun­da­men­tal dis­cus­sion about val­ue.”

Seetee intends to set up mining facility using the unused power at various places. In a letter to shareholders, the company said:

“Bit­coin is, in our eyes, a load-bal­anc­ing eco­nom­ic bat­tery, and bat­ter­ies are es­sen­tial to the en­er­gy tran­si­tion re­quired to reach the tar­gets of the Paris Agreement.”

Along with Seetee, Aker intends to retain all its liquid assets in the form of Bitcoin, almost similar to the strategy adopted by Tesla and MicroStrategy in amassing Bitcoin reserves. With respect to Tesla, the company recently stated that it would set aside 7.7% of gross cash for investing in Bitcoin.

Being an engineering firm headquartered in Oslo, Aker Solutions offer integrated solutions to offshore drillers and other oil and gas enterprises. The firm is listed on the Oslo Stock Exchange under the ticker symbol AKSO. The stock currently trades below $15, with 300% gains since March 2020 market crash that hit the worldwide financial markets.

Bitcoin’s bullish rally is leading to mass adoption of cryptos. Retail and institutional investors, and even large enterprises are exploring the option of investing in Bitcoin for several reasons. As Grayscale’s Michael Sonnenshein pointed out earlier this year at the CFC St. Moritz Conference, traditional investors are stepping into crypto zone in spite of the risks involved.