Norwegian deep-sea mining company Green Minerals AS recently announced plans to establish a Bitcoin reserve, aiming to raise $1.2 billion for the long-term purchase and holding of Bitcoin.
Green Minerals stated on June 23 that this plan is an important part of the company's broader blockchain strategy, aimed at diversifying investments, reducing reliance on fiat currency, and supporting the development of future projects.
Ståle Rodahl, Executive Chairman of Green Minerals, noted in a statement: "Bitcoin is an attractive alternative to traditional fiat currency, and incorporating it into the company's balance sheet helps reduce risks associated with fiat currency."
He further explained: "Given that future production equipment will require significant capital expenditures, this plan provides a strong safeguard against currency devaluation."
Green Minerals revealed that the company will raise up to $1.2 billion in partnership with others to increase its Bitcoin reserve plan and plans to complete its first Bitcoin purchase in the coming days.
At the current trading price of approximately $106,500, Green Minerals could acquire about 11,255 Bitcoins with $1.2 billion.
The company also announced it will introduce new key performance indicators specifically tracking the Bitcoin value per share.
This mining company also stated plans to adopt blockchain technology "to maintain a competitive edge and meet potential future regulatory requirements."
The company added: "Green Minerals believes that blockchain technology plays a significant role in the mining industry, ensuring supply chain transparency, mineral provenance certification, and enhancing operational efficiency."
According to Google Finance data, Green Minerals' stock price surged 300% to €0.68 ($0.79) following the announcement on Monday; however, its stock price significantly corrected on June 24, closing down over 34% to €0.44 ($0.51).
It is noteworthy that some companies have seen significant stock price increases after announcing Bitcoin purchase plans.
In May, Indonesian fintech company DigiAsia Corp nearly doubled its stock price, rising 91%, after announcing it would raise $100 million for its first Bitcoin purchase.
However, not all companies have experienced stock price boosts. Norwegian cryptocurrency brokerage K33 also announced plans in May to purchase and hold cryptocurrency, but its stock price performed flat, even declining by 1.96%.
Related: Digital Asset raises $135 million to expand the Canton blockchain network
Original: “Norwegian deep-sea mining company plans to invest $1.2 billion to buy Bitcoin (BTC)”
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