Norway’s $6 Billion Company Establishes Bitcoin Unit

Aker ASA, an Oslo-based $6 billion public company, announced today that it has established a dedicated unit to invest in Bitcoin. The newly established entity Seetee will actively partner with other companies working in the Bitcoin ecosystem.

According to the official press release, Seetee is initially capitalized with NOK 500 million ($58 million). Aker ASA mentioned that the new Bitcoin unit will initially focus on establishing partnerships with leading players in the cryptocurrency market. Seetee has already entered into a collaboration agreement with Blockstream.

The company mentioned that Seetee will explore possibilities within the Bitcoin mining industry.

Commenting on the recent announcement, Oyvind Eriksen, President and CEO of Aker ASA, said: “With the launch of Seetee, the Aker Group makes another move into software and fintech. 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. These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally-driven economies, and unlock new business models for innovation.”

Bitcoin Mining

Finance Magnates earlier reported that a large number of BTC miners in China are leaving the country for Nordic countries including Sweden and Norway because of cheap electricity prices in the Nordic region. Several European companies have started exploring opportunities within the Bitcoin mining industry due to a recent surge in BTC price. “It’s exciting to see Aker dive into the Bitcoin ecosystem with enthusiasm. 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,” Adam Back, co-founder and CEO of Blockstream said in the press release.

Bitcoin’s institutional adoption is on the rise as China’s leading app developer Meitu purchased nearly $40 million worth of cryptocurrency assets including 15,000 Ethereum and 379 BTC.