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Norwegian industrial giant Aker launches new subsidiary to invest in bitcoin

Updated: Aug 31, 2024
Published: Mar 8, 2021
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A Norwegian holding company with interests in offshore fishing, construction, and engineering is the latest publicly-traded firm to invest in bitcoin.

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Aker ASA, a company publicly listed on Oslo Stock Exchange, announced today that it is establishing a new company - Seetee AS - with the goal of investing in the bitcoin ecosystem.

The new company has bought 1,170 BTC worth NOK 500 million ($58 million). Seetee will go beyond buying and holding bitcoins.

Seetee’s crypto focus

Seetee is going to focus on investing in and owning bitcoin, joining the broader crypto community and establishing new partners with key players, launching bitcoin verification operations, and building and investing in blockchain and bitcoin projects.

Seetee will capitalize on the work done by its parent company in industrial software, fintech, and green energy value chains to achieve its four main objectives.

The company wants to pursue innovations in cybersecurity, financial transactions, and emissions-free verification processes.

“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,” said Aker President and CEO Øyvind Eriksen.

The new company has already inked a partnership deal with Canadian blockchain technology company Blockstream.

Seetee and Blockstream partnership

The collaboration between the two companies will initially focus on mining operations. The two will leverage Blockstream’s expertise in the crypto sector as well as Aker’s industrial experience.

Blockstream’s co-founder and CEO Adam Back said Aker’s experience in global power infrastructure will be valuable to the crypto industry.

“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,” said Back.

Aker, which owns 7 companies as of February 2020, joins the growing list of companies converting their assets into bitcoin.

Companies invest in bitcoin

Both private and public companies are investing in bitcoin, endorsing the digital currency as a viable investment asset.

The majority of the companies investing in bitcoin are based in the U.S. However, companies from other regions such as Europe are also putting their money on bitcoin.

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