Norweigan electrical power tycoon spins up new Bitcoin company
2 min readNorweigan strength support company Aker Solutions is spinning up a new company committed to Bitcoin (BTC) after its CEO, Kjell Inge Røkke, talked up the importance of the digital asset in a the latest shareholder letter.
On Monday, Aker announced that it experienced founded Seetee — a crypto-centered financial investment company that seeks to tap into the Bitcoin ecosystem. The spin-off business has been allocated $59 million, or 500 million Norwegian kroner, which Aker suggests will “increase significantly over time as we achieve working experience and detect fascinating prospects.”
The organization explained:
“Aker’s decision to enter Bitcoin through Seetee is the result of a extended and fundamental discussion about value.”
Seetee ideas to set up mining functions that transfer stranded electrical energy to different assets. “Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to attain the targets of the Paris Arrangement,” the organization explained in its shareholder letter.
In addition to Seetee, Aker designs to keep all its liquid investable assets in Bitcoin, becoming a member of the ranks of MicroStrategy and Tesla in accumulating BTC reserves. In the situation of Tesla, the corporation not too long ago declared it would allocate 7.7% of its gross money to BTC.
As an engineering firm primarily based in Oslo, Aker Answers provides built-in remedies for offshore drillers and other oil and gasoline organizations. The company is detailed on the Oslo Stock Exchange less than the ticker image AKSO. The stock is now buying and selling just beneath $15.00, possessing tripled due to the fact the March 2020 flash crash that wiped out global fairness marketplaces.
Bitcoin’s bull marketplace is driving mass adoption of electronic property. Retail investors, financial investment cash and now even corporations are actively trying to find exposure to Bitcoin for a variety of motives. As Grayscale’s Michael Sonnenshein outlined previously this year at the CFC St. Moritz Conference, regular gamers are moving into cryptocurrency with a lot less career risk connected to their determination.
