CRYPTONAIRE
WEEKLY CRYPTO investment journal
Norwegian Publicly-listed Oil Company Buys $58 Million Worth of Bitcoin
Aker has established a new unit called Seetee to invest throughout the Bitcoin ecosystem. Co-founder Kjell Inge Røkke calls it not investing in Bitcoin the “riskiest decision.” Norway’s Aker ASA is establishing a new unit dedicated to investing throughout the Bitcoin ecosystem, announced the company on Monday. The new unit called Seetee AS would have an initial capital of 500 million Norwegian crowns ($58.6 million). The company is planning to keep its liquid assets in BTC, the industrial holding company said. Seetee has already made its first Bitcoin purchase of 1,170 BTC with a strategy to HODL.
“Aker’s decision to enter Bitcoin through Seetee is the result of a long and fundamental discussion about value,” states the shareholder letter. It further calls, not investing in Bitcoin the “riskiest decision.” Aker co-founder Kjell Inge Røkke wrote, “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. The asymmetry is interesting to a portfolio.” As of writing, Bitcoin is trading around $51,000. Besides using Bitcoin as a treasury asset, the company will also build and invest in projects and companies in Bitcoin’s ecosystem. Read more...
Cryptonaire Weekly | March 9th 2021
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