Norwegian deep-sea mining company Green Minerals AS has announced plans to establish a Bitcoin treasury, aiming to raise $1.2 billion to acquire and hold Bitcoin as a long-term asset.
In a statement on Monday, the company said the move is part of a broader blockchain-focused strategy designed to diversify its investments beyond traditional fiat currencies and support upcoming projects.
Executive Chairman Ståle Rodahl described Bitcoin as an “attractive alternative to traditional fiat,” stating that incorporating it into the company’s balance sheet could help “mitigate fiat risks.”
“With substantial capital expenditures planned for production equipment, this initiative provides a strong hedge against currency debasement,” Rodahl added.
Initial Bitcoin Purchase Expected Within Days
Green Minerals announced that, in collaboration with its partners, it plans to raise up to $1.2 billion through dedicated programs aimed at building a substantial Bitcoin treasury. The company expects to make its first Bitcoin purchase within the next few days.
At the current market price of approximately $106,500 per Bitcoin, Green Minerals could acquire around 11,255 BTC with the full $1.2 billion investment.
Additionally, the company revealed plans to introduce a new key performance indicator (KPI) that will track the Bitcoin value attributed to each share, providing greater transparency for investors.
Blockchain Integration in the Pipeline
The mining firm has also signaled intentions to adopt blockchain technology in order to “remain at the forefront of competition and meet potential future regulatory demands.”
Green Minerals emphasized that blockchain can play a vital role in the mining industry by enhancing supply chain transparency, verifying the origin of minerals, and improving overall operational efficiency.
Shares Dip After Crypto Announcement
Green Minerals’ shares surged 300% on Monday following the announcement, closing at 68 euro cents (79 cents). However, the momentum reversed on Tuesday, with the stock falling over 34% to end the day at 44 euro cents (51 cents), according to Google Finance data.
Several companies have seen their stock prices soar after revealing plans to purchase Bitcoin.
In May, Indonesian fintech firm DigiAsia Corp saw its shares jump by 91% after announcing a $100 million fund to initiate its first of several Bitcoin acquisitions.
However, the trend hasn’t been universal. Norwegian crypto brokerage K33 also unveiled plans in May to buy and hold Bitcoin, but its stock remained mostly unchanged, slipping 1.96%.
