Quick take:
Shares of the Norway-listed company spiked more than 350% after the announcement on Monday, but have since pulled back nearly 50%.
The company said it will introduce a new KPI BTC/share to provide shareholders with clear insights into the digital asset value attributable to each share..
Green Minerals’ executive chairman Ståle Rodahl, sees Bitcoin as a hedging instrument against inflation and fiat debasement.
Green Minerals, a deep-sea mining company publicly traded on the Norwegian stock exchange, has become the latest non-crypto native company to launch a digital asset treasury strategy.
The Norway-based company announced on Monday plans for a $1.2 billion crypto strategy focused on Bitcoin, sparking a 350% rally in its stock price. However, the stock pulled back 50% on Wednesday after revealing in another announcement that it had already acquired 4 bitcoins for a total of 4.25 million Norwegian kroner (approximately $420,000), implying an average purchase price of $105,000 per BTC.
Commenting on the company’s new hedging strategy on Monday, Executive Chairman Ståle Rodahl of Green Minerals said in a statement: “Bitcoin’s decentralised, non-inflationary properties make it an attractive alternative to traditional fiat. By integrating a Bitcoin Treasury Strategy, we are not only mitigating fiat risks but also reaffirming our commitment to financial innovation and the sustainable creation of long-term value.”
According to Rodahl, the new strategy aligns well with Green Minerals’ long-term planning, which includes significant future expenditures on plant equipment. Bitcoin “offers a robust hedge against currency debasement,” he said.
The announcement follows a growing trend where traditional companies from various sectors have been exploring plans to establish digital asset treasuries.
While most, like Green Minerals, including Semlar Scientific, GameStop and KindlyMD has decided to follow the tried and proven BTC vault strategy established by Michael Saylor’s MicroStrategy, Inc. (NASDAQ: MSTR), others like SharpLink chose to focus on Ethereum (ETH), while SOL Strategies has been building its crypto portfolio around Solana.
More recently, Chinese automotive and hospitality company Webus said it is establishing a digital asset strategy focused on Ripple (XRP).
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The post Norwegian Deep Sea Mining Firm Green Minerals Launches $1.2B Bitcoin Treasury Strategy appeared first on NFTgators .
