Norwegian conglomerate sets up bitcoin subsidiary

All-in: Norwegian conglomerate launches bitcoin subsidiary

A Norwegian exchange company is the first in the country to enter the Bitcoin standard. This is bullish for BTC from many angles.

Welcome to bitcoin land! Energy company Aker ASA is the first listed company in Norway to find its way into the Bitcoin standard. According to the contents of a press release issued by the group on Monday, 8 March, Aker is establishing a subsidiary company fully focused by Bitcoin Fortune on Crypto. The company, called Seetee AS, will invest in Bitcoin-related projects as well as establish a foothold in mining.

Seetee has announced a collaboration with Blockstream for this purpose. The Canadian company led by ex-Cypherpunk Adam Back is considered one of the most high-profile BTC companies around. Blockstream is the creator of the Liquid Sidechain, an off-chain scaling solution for BTC. The press release states:

‚The collaboration will initially focus on mining and will be further developed by leveraging Blockstream’s outstanding strengths.
Aker ASA

The start-up capital for the new pillar of the Norwegian billion-euro group is provided by Aker itself. Accordingly, the budget is 500 million Norwegian kroner, the equivalent of about 50 million euros. However, Seetee is exchanging liquid capital for bitcoin – guess three times – to underline its commitment to digital gold. At the moment, the company holds 1,170 BTC.

Billionaire pushes Bitcoin distribution

The news is bullish for Bitcoin in many ways. After all, Aker is headed by Kjell Inge Roekke, one of Norway’s richest people. In the latest shareholder letter, the billionaire lets it be known that he is a Bitcoiner through and through:

Bitcoin can still go to zero. But it can also become the core of a new monetary architecture. If so, one BTC could be worth millions of dollars
Kjell Inge Roekke

Moreover, Aker’s core business is energy. The group is one of the largest producers of renewable energy in Norway. So it stands to reason that the offshoot would define mining as its core business. After all, bitcoiners have been arguing for some time that mining is the main driver of renewable energy development, as demand for it is very uneven. Bitcoin mines could then be placed geographically close to energy producers and purchase cheap surplus electricity. This is exactly the business model Seetee has in mind. The shareholder letter states:

Second, Seetee will set up mining operations that transfer stranded or fluctuating electricity without stable on-site demand – wind, solar and hydro – into economic assets that can be used anywhere. Bitcoin is a load-balancing economic battery in our eyes