NORWEGIAN INVESTMENT FIRM PURCHASED $58 MILLION IN BITCOIN FOR ITS TREASURY WITH PLANS TO ADD MORE!!

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$58M Bitcoin Purchase

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Aker ASA, a $6 billion Oslo Børs-listed holding company is set to begin investing in Bitcoin. According to a press release issued on Monday, Aker has created a new company called Seetee AS whose mission is to invest in BTC.

The newly formed Seetee will also delve into the Bitcoin mining arena while looking to forge useful partnerships with major players in the crypto space. Indeed, Seetee has reportedly entered into a collaborative agreement with Blockstream.

According to Blockstream CEO Samson Mow, the Bitcoin infrastructure firm will work closely with Seetee on its BTC mining and sidechain implementation pursuits.

Despite the Norwegian government ending electricity subsidies to BTC miners back in November 2018, Bitcoin mining activity in the country still contributes to a significant proportion of the global hash rate distribution.

Outside China, the country ranks eight in terms of global monthly hash rate according to data from the Cambridge Bitcoin Electricity Consumption Index. As previously reported by Cointelegraph, Bitfury signed an agreement with a private equity firm to upgrade the latter’s $35 million BTC mining farm.

The press statement also revealed that the new company will look to pursue investments into other firms in the crupto and blockchain arena.

Aker will provide 500 million Norwegian Krone ($58 million) in initial capitalization for Seetee with the new company holding all of its liquid investable assets in BTC. The move marks a significant departure from Aker’s usual investments in oil exploring and marine biotech sectors. Tweeting on Friday, Seetee revealed that it has already purchased 1,170 BTC.

Commenting on the rationale for exploring Bitcoin investments, Aker CEO Øyvind Eriksen remarked:

“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.”

Aker is the latest in a growing list of companies around the world investing in Bitcoin. From business intelligence outfit MicroStrategy to electronic vehicle manufacturer Tesla, and Canadian restaurant have converted cash reserves to BTC in recent months.

In other trending Bitcoin News today:

Bitcoin Closes Its Second-Best Week Ever: 5 Things to Watch in BTC This Week

Bitcoin (BTC) starts a new week on a firmly bullish note as stocks tumble and BTC managed to close the week above $50,000. 

After a mixed performance last week that saw multiple tests of $46,000, buyer support is entering and BTC/USD is within 15% of all-time highs.

Coming in step with the stimulus announcement, local highs totaled $51,177 on Bitstamp. At the same time, positive investment news from China extended the supply shortage narrative, this focusing on institutional buy-ins reducing the already dwindling amount of BTC available for purchase on the market.

Despite failing to hold on Monday, the psychologically significant level did manage to remain for the weekly close, providing Bitcoin’s second-largest weekly close on record.

Analyzing trader behavior, Rafael Schultze-Kraft, co-founder and CTO of on-chain analytics resource Glassnode, forecast that a return below $46,600 is unlikely.

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DISCLAIMER: This is NOT financial advice. The views and opinions expressed in this video are just opinions, nothing more. Trading is very risky, especially when trading with leverage. Seek financial advice from a professional and trade at your own risk because I am not responsible for any investment decisions that you choose to make.

Show Notes / Resources:

https://cointelegraph.com/news/norwegian-investment-firm-allocates-58m-to-bitcoin-and-crypto-ventures

https://cointelegraph.com/news/bitcoin-closes-its-second-best-week-ever-5-things-to-watch-in-btc-this-week

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