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Green Minerals says it will raise $1.2 billion to buy Bitcoin and plans to adopt blockchain technology in areas such as supply chain transparency and operational efficiency.
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Norwegian deep-sea mining firm Green Minerals AS says it plans to create a Bitcoin treasury and is aiming to raise $1.2 billion to buy and hold Bitcoin long-term.
Green Minerals said on Monday that the plan is part of a wider blockchain strategy that aims to diversify the company’s investments from fiat currencies and support its future project plans.
Green Minerals executive chair Ståle Rodahl said in a statement that Bitcoin (BTC) is an “attractive alternative to traditional fiat,” and the hope is that adding it to the firm’s balance sheets will help by “mitigating fiat risks.”
“With significant future capital expenditures planned for the production equipment, the program offers a robust hedge against currency debasement.”
First Bitcoin buy coming in next few days
Green Minerals said that, with its partners, it plans to finance up to $1.2 billion with programs designed to increase its Bitcoin treasury, and it aims to buy its first Bitcoin within the next few days.
Green Minerals could buy roughly 11,255 Bitcoin for $1.2 billion with it currently trading around $106,500.
This article first appeared at Cointelegraph.com News
