Oslo Stock Exchange Listed Firm’s Subsidiary Sets Aside $58M for Investment in Bitcoin, Crypto Projects

Oslo Børs (Oslo Stock Exchange) listed enterprise Aker ASA, which commands a market cap of $6 billion, intends to invest in Bitcoin (BTC), as per a media release made by the company earlier today. To move forward with the plan, Aker has formed a separate entity named Seetee AS, which will invest in Bitcoin (BTC).

The new company Seetee will also enter into Bitcoin mining, while exploring various partnerships with top players in the crypto sector. Notably, Seetee has already inked a partnership deal with Blockstream.

As per Samson Mow, CEO of Blockstream, the Bitcoin (BTC) framework company will collaborate with Seetee for Bitcoin mining and sidechain deployment tasks.

In spite of the end to power subsidy for Bitcoin miners three years back, Norway continues to witness brisk Bitcoin mining activity, with the miners in the region accounting for a major share of global hash rate distribution.

Devoid of China, Norway stands eighth with regards to worldwide monthly hash rate as per data provided by Cambridge Bitcoin Electricity Consumption Index. Notably, Bitfury inked a deal with a private equity company to upwardly amend the latter’s $35 million Bitcoin mining center.

The media release also disclosed that the new firm will study at the option of investing in startups focused on crypto and blockchain domain.

Aker will offer 500 million Norwegian Krone ($58 million) in starting capital for Seetee, with the firm intending to hold all its liquid assets in the form of Bitcoin. The initiative reflects an abrupt change of stance from Aker’s regular investments in oil exploration and marine biotech industries. Seetee tweeted that it has already bought 1,170 Bitcoin.

Justifying the need to invest in Bitcoin investments, Øyvind Eriksen, CEO of Aker, stated:

“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 joins the worldwide list of firms investing in Bitcoin. Prominent investors include business intelligence enterprise MicroStrategy and electric vehicle manufacturer Tesla. In particular, Tesla has invested $1.50 billion as per the filing with the US SEC.