Aker ASA, a Norwegian holding company that is majority owned by billionaire Kjell Inge Røkke, has announced the formation of a new company called Seetee in a letter to shareholders. The company will focus on investing in Bitcoin-focused projects and will hold all liquid assets in bitcoin.
“First, we will use bitcoin as our treasury asset and join the community,” the letter, penned by Røkke, reads. “In Bitcoin speak, we will be hodlers… Second, Seetee will establish mining operations that transfer stranded or intermittent electricity without stable demand locally — wind, solar, hydro power — to economic assets that can be used anywhere. Bitcoin is, in our eyes, a load-balancing economic battery, and batteries are essential to the energy transition required to reach the targets of the Paris Agreement…Third, we will build and invest in projects and companies in Bitcoin’s ecosystem. This is where our true passion is!”
The letter also noted that Seetee will commit to not only holding bitcoin as a reserve asset, but also actively investing in the physical and digital infrastructure being built on top of and around the network.
This news is extremely bullish because, as Røkke himself addresses, the Bitcoin protocol and the underlying value of bitcoin the asset is a function of the utility it provides to its users and stakeholders. With the statements made in the shareholder letter, Seetee announced its intention to be involved in all aspects.
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