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.

Mar 8, 2021 at 11:02 a.m. UTC
Updated Sep 14, 2021 at 12:22 p.m. UTC

Oslo stock exchange-listed Aker ASA has set up a new company dedicated to investing in bitcoin projects and companies.

  • 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.
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