Norwegian deep-sea mining company Green Minerals AS confirmed it plans to raise $1.2 billion to buy and hold Bitcoin.
The firm announced the move on Monday, saying it aims to shift part of its balance sheet from fiat reserves to digital assets.
This strategy is part of a broader adoption plan that includes blockchain technology.
Executive chair Ståle Rodahl said Bitcoin is an “attractive alternative to traditional fiat.” He stated that the company wants to reduce risks linked to currency value loss.
“With significant future capital expenditures planned for the production equipment, the program offers a robust hedge against currency debasement,” Rodahl said.
The firm will work with partners to secure financing. According to the company, the first Bitcoin purchase will happen “in the next few days.”
Bitcoin Value to Be Linked to Shares
Green Minerals plans to introduce a performance metric based on Bitcoin per share. This new indicator will reflect how much Bitcoin value backs each company share.
The company said the metric will be part of its financial reporting alongside traditional indicators.
With Bitcoin trading at around $106,500, Green Minerals could buy about 11,255 BTC. This estimate is based on current prices and the company’s $1.2 billion budget.
The company confirmed that the treasury program is designed for long-term holding. It did not mention any plans to trade or sell the assets.
The Bitcoin per share metric will offer shareholders a way to track the impact of these holdings on equity.
Green Minerals Blockchain Plans Include Supply Chain Use
As part of its wider tech plan, Green Minerals AS will also adopt blockchain systems.
According to the statement, the firm aims to use blockchain in its mining operations to meet compliance needs and support supply chain tracking.
The company said blockchain tools will help confirm the origin of minerals and support certification standards. It added that the technology could also support internal logistics and operational tracking.
Green Minerals blockchain adoption will take place in phases, though no specific platform or timeline was disclosed.
The statement added that blockchain could support future regulatory requirements. No outside partners or technical vendors were named in the announcement.
Green Minerals Stock Rises, Then Falls After Bitcoin News
Following the Bitcoin treasury announcement, Green Minerals stock surged sharply, reaching a peak of approximately €0.68. As of June 25 at 10:03 AM UTC+2, the stock stood at €0.45, marking a 180.75% gain over the past five days.
Despite the pullback from its peak, the stock remains significantly higher compared to its pre-announcement level of around €0.16.
Green Minerals Stock Jumps 180% on Bitcoin News. Source: Google Finance
Despite the decline, Green Minerals stock remained higher overall compared to its position five days earlier. The firm did not issue any comment on the market reaction after the drop.
Other companies have also experienced varied stock movement after similar announcements.
In May, DigiAsia Corp shares jumped 91% after revealing plans to raise $100 million for Bitcoin purchases.
That same month, Norwegian crypto brokerage K33 made a similar announcement. Its stock, however, dropped 1.96%.
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