Norwegian Multinational Aker ASA to Invest in Bitcoin Through New Unit Norwegian Multinational Aker ASA to Invest in Bitcoin Through New Unit

  Back

Norwegian Multinational Aker ASA to Invest in Bitcoin Through New Unit

updated on:23 Mar 2021

Aker ASA, a Norwegian holding company controlled by billionaire investor Kjell Inge Røkke, is establishing a new business unit that will focus on investing in projects and companies "throughout the Bitcoin ecosystem," the company announced on Monday.Seetee AS plans to keep all its liquid investable assets in Bitcoin; it started with an initial purchase of 1,170 BTC ($58.5 million). As a result, Aker ASA joins the growing list of publicly-traded companies with direct exposure to Bitcoin through investments.

“Bitcoin is our treasury asset… and our strategy is to hodl,” the company said on its website.

Forging partnerships
Apart from purchasing and owning Bitcoin, the company intends to establish partnerships with leading players within the broader blockchain community.
Seetee will initially partner with leading Bitcoin infrastructure provider Blockstream, with a focus on Bitcoin mining operations involving Aker's industrial facilities, as well as sidechain projects developed by the Canadian company.

Founded in 1841, Aker ASA is listed on the Oslo Stock Exchange and is active in such areas as offshore fishing, construction and engineering. The company has also been investing in industrial software, fintech solutions and green energy.

"A long and fundamental discussion about value"
Røkke is considered among the richest persons in Norway, with a net worth of $3.6 billion in 2019. In a letter to shareholders, he explained that Aker ASA's decision to venture into cryptocurrencies is the result of a "long and fundamental discussion about value".

"I have been drinking from the fire hose since last summer,” the billionaire wrote, adding that his research into the space has consisted of articles, books, podcasts and videos, "as well as conversations with people around me."
Among those people he cites as influences are the likes of Saifedean Ammous, Andreas M. Antonopolous, Adam Back and Chamath Palihapitiya, as well as institutional investors such as MicroStrategy CEO Michael Saylor, whose firm has purchased over 90,000 BTC, worth $4.5 billion at today's prices.

BTC may still go to zero," Røkke noted. "But it can also be­come the core of a new mon­e­tary ar­chi­tec­ture. If so, one Bit­coin may be worth mil­lions of dollars."

Share this Blog with your friends

0 Comments

No Comments

Suggested Content

MicroStrategy Board of Directors Now Paid In Bitcoin

updated on:13 Apr 2021

The board of analytics software company MicroStrategy is now paid in Bitcoin, according to the compa

Continue Reading

Bitcoin 'Doesn’t Fulfill Basic Properties of Money': ECB Board Member

updated on:10 Apr 2021

Isabel Schnabel, Member of the Executive Board of the European Central Bank (ECB), has described Bit

Continue Reading

Bitcoin ETF Approval Will Happen: Morgan Creek’s Mark Yusko

updated on:9 Apr 2021

Morgan Creek Capital Management CEO Mark Yusko has expressed his confidence that a Bitcoin ETF will

Continue Reading

Ukrainian Officials Own $2.67 Billion in Bitcoin: Report

updated on:9 Apr 2021

Civil servants and officials in Ukraine are holding a significant amount of Bitcoin (BTC) and other

Continue Reading

JP Morgan's Jaime Dimon: Bitcoin Regulation a ‘Serious Emerging Issue’

updated on:8 Apr 2021

The legal and regulatory status of Bitcoin and other cryptocurrencies is something that needs to be

Continue Reading