Norwegian oil giant Aker establishes new subsidiary to invest in Bitcoin ecosystem

Norwegian oil giant Aker establishes new subsidiary to invest in Bitcoin ecosystem
  • Norwegian industrial investment company Aker, which has a stake in oil and gas, has issued a new report informing about investments in Bitcoin.

Aker has issued an official report from Executive Chairman, Kjell Inge Røkke, who is also one of Norway’s richest people, about founding Seetee, which will invest in projects and companies throughout the Bitcoin ecosystem.

In this 23-page documentary, Kjell Inge Røkke writes that after 40 years of business, you must always be on the lookout for new opportunities and developments, and Bitcoin may be one of the industries the Internet used to be.

The new company has a start capitalization of NOK 500 million ($58 million), which will increase after gaining experience and identifying exciting opportunities in the Bitcoin ecosystem.

According to Kjell Inge Røkke, Seetee’s strategy is based on 3 basic pillars and says:

First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers.

Sec­ond, See­tee will es­tab­lish min­ing op­er­a­tions that trans­fer strand­ed or in­ter­mit­tent elec­tric­i­ty with­out sta­ble de­mand lo­cal­ly—wind, so­lar, hy­dro pow­er— to eco­nom­ic as­sets that can be used any­where.

Third, we will build and in­vest in projects and com­pa­nies in Bit­coin’s ecosys­tem.

Aker and the companies where Aker is the largest shareholder achieved a total turnover of more than NOK 83 billion with an approximate number of employees of 37,000 in the last known accounting period (2019).

Read also: Up to 54% of Goldman Sachs survey respondents believe that BTC will keep its price between $ 40K-$ 100K in 12 months


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