By Jim Duffy
Aker ASA, the Norwegian domained oil services, construction and energy company recently crossed the rubicon from its traditional business model to that of cryptocurrency.
This is a massive step for the global services company that has operations in 56 countries and employs 14,000 staff. It’s a strategic shift that’s fully supported from the top of the company:
President and CEO of Aker ASA, Oyvind Erikson stated,
“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 technology.”
Aker ASA will invest in Bitcoin using a new company called Seetee AS. It will also mine Bitcoin and invest in Bitcoin services companies.
Aker joins a small, but growing group of Bitcoin corporate investors including MicroStrategy, Square and Tesla, who have all allocated a portion of their balance sheets to Bitcoin. There is a definite trend emerging here and one that looks set to continue.
Earlier this year Michael Saylor, the CEO and chair of MicroStrategy created a virtual Bitcoin conference where he and other speakers gave a masterclass on how corporations can set themselves up for buying and holding Bitcoin within their corporate treasuries. He believes that over the next few months, listed companies across the globe will announce they have allocated Bitcoin to their balance sheets.
Today’s headlines from Aker ASA follows news that Chinese company Meitu bought $40M worth of Bitcoin and Ethereum. Meitu makes a successful photo editing App and is listed on the Hong Kong stock exchange.
Meitu, in a company statement noted.
“The Board believes cryptocurrencies have ample room for appreciation in value and by allocating part of its treasury in cryptocurrencies can also serve as diversification to holding cash.”
Retail investors must be salivating at the arrival of institutional cash into the crypto space. It feels very much like the baton has now been passed over and big companies will advance the march into Bitcoin and other crypto projects.