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.

AccessTimeIconMar 8, 2021 at 11:02 a.m. UTC
Updated May 9, 2023 at 3:16 a.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.
  • U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
    01:41
    U.S. Judge Signs Off on $4.5B Terraform-Do Kwon Settlement; Gensler Speaks on Ether ETF Approval
  • Why Bitcoin Is Not Keeping Pace With Nasdaq
    01:11
    Why Bitcoin Is Not Keeping Pace With Nasdaq
  • Mona Founder on Future of the Metaverse
    09:08
    Mona Founder on Future of the Metaverse
  • Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
    01:49
    Fed Sees Just One Rate Cut This Year; CRV Slides as Curve’s Founder Faces Liquidation Risk
  • Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.