There’s a New Big Player in Bitcoin — With Bold Plans for the Future

A Norwegian energy giant has announced that it is establishing a new company so it can invest in Bitcoin — and offer financial support to blockchain startups.

Aker says the new venture, Seetee, initially has capital of $58 million. Seetee’s main priorities will involve owning crypto, establishing partnerships with leading players in the industry, and investing in “innovation projects” throughout the ecosystem.

Interestingly, Seetee is planning to explore involvement in cybersecurity, financial transactions and “emissions-free verification options” — suggesting that it wants to play a role in tackling the high levels of energy consumption associated with Bitcoin.

A partnership has already been unveiled with Blockstream. The collaboration is initially going to focus on mining operations — bringing together Blockstream’s “unique strengths in blockchain technology” with Aker’s “industrial legacy and capability set.” Aker’s president and CEO Øyvind Eriksen added:

“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.”

‘A New Financial Horizon’ 

Seetee says that Bitcoin is its treasury asset — and an initial purchase of 1,170 BTC has already been made. “Our strategy is to HODL,” the website adds.

In a letter to shareholders, Aker chairman Kjell Inge Røkke explained:

“Bit­coin may still go to zero. But it can also be­come the core of a new mon­e­tary ar­chi­tec­ture. If so, one Bit­coin may be worth mil­lions of dollars. The asym­me­try is in­ter­est­ing to a port­fo­lio. Peo­ple who know the most about Bit­coin be­lieve its fu­ture suc­cess is near­ly in­evitable. Where­as the oth­er camp thinks that its fail­ure is equal­ly cer­tain. Sta­tus quo is not pos­si­ble.”

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