The Norwegian energy service provider Aker Solutions opens a new Bitcoin (BTC) business after CEO Kjell Inge Røkke talked about the importance of digital assets in a recent letter to shareholders.
On Monday, Aker announced the establishment of Seetee, a cryptocurrency-oriented investment company that aims to exploit the Bitcoin ecosystem. The extra investment was awarded 59 million dollars, or 500 million kroner, which Aker said “will increase significantly over time when we gain experience and identify exciting opportunities.”
The company explained:
“Acker’s decision to implement Bitcoin through Seetee is the result of a long and fundamental discussion about value.”
Seetee plans to establish mining operations that will transfer power outages to various assets. “In our view, Bitcoin is a cost-effective battery for load balancing,” reads the letter from the company’s shareholder.
In addition to Seetee, Aker plans to own all of its liquid assets to invest in Bitcoin, and join MicroStrategy and Tesla in accumulating BTC reserves. In the case of Tesla, the company recently announced that it will allocate 7.7% of the total cash in BTC.
As an engineering company based in Oslo, Aker Solutions offers complete solutions for offshore rigs and other oil and gas companies. The company is listed on the Oslo Stock Exchange under the ticker AKSO. The stock is currently trading below $ 15 after tripling in the wake of a sudden crash in March 2020 that wiped out global stock markets.
The Bitcoin bull market is driving the proliferation of digital assets. Retail investors, mutual funds and even companies are now actively looking for opportunities to use bitcoin for a number of reasons. As Michael Sonnenschen of Grayscale explained earlier this year at CFC St. Moritz, traditional players are introducing cryptocurrencies with less professional risk associated with their decision.