Deep Sea Mining Firm Goes Deep on Bitcoin With $1.2B BTC Treasury Plan
Green Minerals (GEM), a Norwegian deep-sea mining company listed on Euronext Growth, has executed its first Bitcoin purchase, acquiring four BTC for approximately 4.25 million Norwegian kroner ($420,000). This follows Monday’s announcement of a $1.2 billion treasury strategy incorporating Bitcoin, marking a significant shift towards a tech-integrated financial model.
The purchase price equates to roughly $105,000 per Bitcoin. Executive Chairman Ståle Rodahl highlighted Bitcoin’s “decentralized, non-inflationary properties” as key advantages, positioning it as a hedge against inflation and fiat currency devaluation. This strategy aligns Green Minerals with a growing trend of public companies integrating cryptocurrency into their balance sheets.
According to Bitcointreasuries, over 245 companies now hold Bitcoin, representing a 13% increase in the past month and a collective holding exceeding $88 billion in BTC. Green Minerals’ foray into Bitcoin follows this trend, demonstrating a broader adoption of cryptocurrency within corporate treasury strategies.
The announcement, however, triggered a notable market reaction. GEM’s share price experienced a nearly 20% drop on Tuesday following the news, although it has since partially recovered. The company aims to mitigate investor concerns by establishing a transparent framework for managing its Bitcoin holdings. This includes a planned “bitcoin-per-share indicator,” providing shareholders with clear insights into the digital asset value tied to each share.
Green Minerals emphasizes that its core operational strategy remains unchanged. The Bitcoin treasury program is intended to complement existing project plans, suggesting a diversification strategy rather than a core business pivot. The company’s adoption of Bitcoin reflects a growing recognition of cryptocurrency’s potential as a strategic asset for businesses seeking to navigate economic uncertainties and diversify their financial holdings. The implementation of transparent reporting mechanisms signals a commitment to investor confidence and accountability in managing this new asset class.
