$58 million investment in Bitcoin business-unit by Billionaire owned Norwegian company Aker ASA

Today, Norwegian company Aker ASA announced to invest nearly $58 million (500 million Norwegian kroner) in bitcoin and blockchain technology. To this end, Aker have set up a new company, Seetee AS.

Aker ASA is going a step beyond investing in the leading digital currency and Seetee AS will be devoted to investing in bitcoin and blockchain technology. The new company will actively participate in the cryptocurrency space by collaborating with other industry players. It will also invest in other high value companies within the blockchain and cryptocurrency industry.

Aker ASA is currently known for being a company with a focus in offshore fishing, construction, and engineering. The company is owned by Norwegian billionaire businessman Kjell Inge Rokke. Now it said that it would readily convert all its liquid assets to bitcoin. Seetee AS will have a capital of around 500 million Norwegian kroner (approximately $58.6 million).

Rokke openly expressed a strong favor of Bitcoin in a letter to company stakeholders by saying:

“Peo­ple who know the most about Bit­coin be­lieve its fu­ture success is near­ly inevitable.”

He then added

“First, we will use bit­coin as our trea­sury as­set and join the com­mu­ni­ty. In Bit­coin speak, we will be hodlers. We will be dif­fer­ent, but ad­di­tive.”

The announcement states that the Aker ASA new business unit will focus on 1) investing in and owning bitcoin, 2) joining the Bitcoin and broader blockchain community and establishing partnerships with leading players, 3) launching Bitcoin verification operations, and 4) building and investing in innovation projects and companies in the Bitcoin and blockchain ecosystem.

Seetee is confident that it can pursue innovations in Bitcoin and its broader ecosystem by building on their capabilities and expertise developed in the Aker group when it comes to industrial software, fintech and green energy value chains.

In order to accelerate its initiatives, partnerships in the blockchain and cryptocurrency form an essential part of their strategy.

Along with the announcement of the new business unit, a partnership with Blockstream was made public.

Blockstream is a global leader in Bitcoin and blockchain technology and provides companies access to the most mature, well tested, and secure blockchain technology in production – the Bitcoin protocol extended via interoperable sidechains to support new applications – along with the most experienced teams in the industry.

The partnership will firstly focus on mining operations and gradually evolve further as set out by both.

While looking ahead in time, Rokke said:

“The di­rec­tion is clear: fi­nance will be dis­rupt­ed as sure­ly as fos­sil fu­els will be. The question is not if, but when.”

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