Norwegian Energy Giant Aker Solutions Launches New Business Targeting Bitcoin

Norwegian energy services provider Aker Solutions has launched a new business dedicated to Bitcoin after its CEO Kjell Inge highlighted the importance of Bitcoin in a recent letter to shareholders.

On Monday, Aker announced the creation of Seetee, a cryptocurrency-focused investment firm that aims to explore the bitcoin ecosystem. The spinoff was given $59 million (500 million Norwegian kroner), which Aker said will “be significantly increased over time as we gain experience and identify exciting opportunities.”

The company explained:

“Aker’s decision to enter the Bitcoin market through Seetee is the result of a long, fundamental discussion about value.”

Seetee plans to build a mining business to transfer stranded electricity to various assets. Aker said in a letter to shareholders: "In our view, Bitcoin is a load-leveling economic battery, and batteries are essential to the energy transition required to achieve the goals of the Paris Agreement."

In addition to Seetee, Aker plans to hold all of its liquid investable assets in Bitcoin, joining MicroStrategy and Tesla in hoarding Bitcoin reserves. As for Tesla, the company recently announced that it would allocate 7.7% of its total cash to Bitcoin.

Aker Solutions is an Oslo-based engineering company that provides integrated solutions to offshore drilling companies and other oil and gas companies. Aker is listed on the Oslo Stock Exchange under the ticker AKSO. The stock is currently trading at just under $15 and has tripled since the March 2020 flash crash that rocked global stock markets.

The Bitcoin bull run is driving mass adoption of digital assets. Retail investors, investment funds and even businesses are actively seeking exposure to Bitcoin for a variety of reasons. As Grayscale’s Michael Sonnenshein outlined at the CFC St. Moritz conference earlier this year, traditional players are entering the cryptocurrency space with less career risk associated with their decision.

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