Aker ASA, a $ 6 billion holding company, will start investing in bitcoin. According to a press release released on Monday, Acker has created a new company called Seetee AS to invest in Bitcoin (BTC).
The newly formed Seetee will also delve into the bitcoin mining arena in search of lucrative partnerships with major players in the crypto space. In fact, Seetee is said to have partnered with Blockstream.
According to Samson Moe, Blockstream CEO, the Bitcoin infrastructure company will work closely with Seetee on mining BTC and side chain.
Although the Norwegian government stopped subsidizing energy supplies to BTC miners in November 2018, bitcoin mining in the country still accounts for a large share of global retail distribution.
Outside of China, the country ranks eighth in terms of global monthly retail rate, according to the Cambridge Bitcoin Index of Electricity Consumption. As Cointelegraph previously reported, Bitfury signed an agreement with a private equity firm to update its mining business for the latest $ 35 million worth.
The press release also states that the new company will consider investing in other companies in the Crupto and Blockchain space.
Aker will provide 500 million NOK (US $ 58 million) in initial capitalization to Seetee, with the new company owning all of its liquid investment in BTC. The move marks a major departure from Aker’s regular investment in the oil exploration and offshore biotechnology sector. Seetee tweeted on Friday that they have already bought 1,170 BTC.
Aker CEO Oyvind Eriksen commented on reasons to consider investing in Bitcoin:
With the launch of Seetee, Aker Group is taking a new step towards software and fintech. We are very excited about the industrial opportunities Bitcoin and blockchain technology will unlock and we want to make a significant contribution to this effort. ”
Aker is the latest in a growing list of companies around the world that are investing in Bitcoin. From business intelligence equipment MicroStrategy to electronic car maker Tesla and Canadian restaurants, it has shifted cash reserves into BTC in recent months.