Norwegian Industrial Giant Aker Invests $58.6 Million in Bitcoin via New Company

The Norwegian industrial holding company, Aker ASA, has recently established a new company that is dedicated to bitcoin and blockchain-related investments with an initial capital of NOK 500 million ($58.6 million).

According to a press release today, the new company dubbed “Seetee AS” will invest and own bitcoin, and it intends to keep all of its liquid investable assets in bitcoin. It will also actively engage in the crypto community by forming partnerships.

Seetee also plans to launch bitcoin verification operations and commit to developing innovative projects using blockchain technology.

It would leverage Aker’s established industrial capabilities to develop innovative projects that seek to address several problem areas in the bitcoin ecosystem, including cybersecurity. Aker ASA is listed on the Oslo Stock Exchange in Norway.

Meanwhile, new company Seetee has partnered with the Canadian blockchain tech company, Blockstream, to help it quicken the pace of its initiatives. This partnership will initially focus on bitcoin mining operations.

However, it would gradually seek to blend blockchain technology with Aker’s industrial operations.  

Speaking on this, Øyvind Eriksen, CEO of Aker ASA said,

“We are very excited about the industrial opportunities that will be unlocked by Bitcoin and blockchain technology and want to contribute forcefully to that effort. These technologies have the potential to reduce frictions in our day-to-day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.”

Adam Black, the co-founder, and CEO of Blockstream also expressed the company’s excitement at the partnership with Seetee. He said,

“It’s exciting to see Aker dive into the Bitcoin ecosystem with enthusiasm. We will be working closely with Seetee on Bitcoin mining and sidechain projects that benefit Aker’s group of companies and we expect that their rich experience in leveraging global power infrastructure will prove to be a valuable asset to the Bitcoin industry.”

Seetee currently holds a total of 1,170 bitcoins which it intends to hodl. It will also add more in the future.

Bitcoin Adoption Goes Mainstream Stage

Every day, more and more corporate and institutional investors enter the bitcoin ecosystem. These firms recognize the digital currency’s potential and strive to leverage it.

While some critics have chastised bitcoin for several perceived shortcomings, including its use in the funding of illegal activities and volatility, bitcoin has proven over time that it is a great store of value and hedge against inflation.

Nexo’s co-founder recently called it “the best performing asset on any significant timeline,” adding that it is “a better version of Gold.”

Top financial institutions and companies all over the world are joining the Bitcoin adoption trend.  A Chinese software company, Meitu, announced recently that it bought $17.9 million worth of bitcoin.