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Norway-Listed Aker to Put 100% Bitcoin in Treasury Reserves of New Investment Unit
Owned by billionaire Kjell Inge Roekke, the firm's new investment entity, Seetee, is going all in on bitcoin.
Oslo stock exchange-listed Aker ASA has set up a new company dedicated to investing in bitcoin projects and companies.
STORY CONTINUES BELOW
- In an announcement Monday, the holding company focused on energy, construction and fishing said its new entity, Seetee AS, will keep all its liquid investable assets in bitcoin and will also enter the bitcoin mining industry.
- "First, we will use bitcoin as our treasury asset and join the community. In Bitcoin-speak, we will be hodlers," Norwegian billionaire Kjell Inge Roekke, chairman and majority owner of Aker, said in a letter to shareholders.
- Seetee is launching with 500 million Norwegian Krone ($58.3 million) in capital.
- The new firm has already partnered with Canada’s Blockstream for work on bitcoin mining and sidechain projects.
- "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," said Roekke.
Read more: Arcane Crypto Lists on Nasdaq First North After Reverse Takeover
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
