Norway’s oil magnate’s company eyes Bitcoin

Norwegian holding company Aker opened the Seetee division to invest in cryptocurrencies and blockchain. The first partner was Blockstream.

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Seetee’s starting capital totaled 500 million kroner ($58 million). The investments were directed into Bitcoin, with 1,170 BTC purchased.

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Today, we announced the launch of Seetee!
\nWe are a new company in the Aker group, and will invest in ex­cit­ing projects and com­pa­nies through­out the #Bitcoin ecosys­tem.
\nBitcoin is our treasury asset. Our first purchase was 1,170 BTC and our strategy is to hodl.

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— Seetee (@Seetee_io) March 8, 2021

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The division will also engage in mining the first cryptocurrency and seek partners among leading industry participants.

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Support for Seetee will come from Aker’s work in industrial software, fintech, and value chains for green energy.

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Under the agreement, the division will have access to Blockstream’s infrastructure and expert advice. Initially, the partners will focus on deploying Bitcoin mining operations.

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Listed on the Oslo Stock Exchange, Aker is 66.7% owned by Norwegian billionaire Kjell Inge Røkke. The company specializes in construction, oil extraction and oilfield services.

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\”Bitcoin still could fall to zero. But it could also become the core of a new monetary architecture. It is possible that the price of digital gold will one day reach millions of dollars. The trend is clear — traditional finance faces the same fate as fossil fuels\”, — said Røkke.

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The Aker group, with an 180-year history, has diversified its activities into renewable energy and information technology.

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In February, the Nasdaq-listed Urban Tea announced plans to mine cryptocurrency.

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Earlier ForkLog reported on the market capitalization records of public miners as the price of Bitcoin breached the psychological threshold of $50,000.

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