Norwegian Publicly-listed Oil Company Buys $58 Million Worth of Bitcoin

CRYPTONAIRE LYWEEK

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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 Røk ke 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 de ci sion to en ter Bit coin through See tee is the re sult of a long and fun da men tal dis cus sion about val ue,” states the shareholder letter. It further calls, not investing in Bitcoin the “riskiest decision.” Aker co-founder Kjell Inge Røk ke 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 mil lions of dollars. The asym me try is in ter est ing to a port fo lio.”

As of writing, Bitcoin is trading around $51,000.

Besides using Bitcoin as a treasury asset, the company will also build and in vest in projects and companies in Bit coin’s ecosystem.

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