Deep Sea Mining Firm Goes Deep on Bitcoin With $1.2B BTC Treasury Plan

Green Minerals (GEM), a Norwegian deep-sea mining firm, said Wednesday it bought four bitcoin BTC in its first purchase following Monday’s announcement of a $1.2 billion treasury strategy as it joins the ranks of companies including the largest cryptocurrency in its broader financial strategy. The company said it paid about 4.25 million Norwegian kroner ($420,000) for the bitcoin, or about $105,000 per token. The Oslo-listed firm, which trades on Euronext Growth, framed the move as part of a transition into a more tech-integrated model. Executive Chairman Ståle Rodahl called bitcoin a hedge against inflation and fiat debasement , citing its “decentralized, non-inflationary properties” as key advantages over traditional reserves, in Monday’s statement. The treasury plan adds Green Minerals to a rapidly expanding list of public companies incorporating crypto into their balance sheets. Over 245 companies now hold bitcoin, up 13% in the past month alone, according to data from Bitcointreasuries. Together, they hold more than $88 billion in BTC. The announcement triggered a sharp selloff in the company’s shares, which fell almost 20% on Tuesday. They were recently 2% lower. The company will establish a transparent and secure framework for the acquisition, management, and reporting of bitcoin holdings, such as a bitcoin-per-share indicator that will provide shareholders with “clear insights into the digital asset value attributable to each share.” The “core operational strategy remains steadfast,” the company said “The bitcoin treasury program will support the company’s project plans.”

Source: CoinDesk