On an unspecified date, Green Minerals AS, a Norwegian deep-sea mining company, announced plans to raise $1.2 billion to establish a Bitcoin treasury. The company intends to purchase approximately 11,255 Bitcoin, aiming to diversify investments and mitigate risks. This strategic move aligns with a growing trend of companies integrating blockchain and cryptocurrency into their financial strategies. (Source: Tough terrain ahead for investors in energy transition minerals)
Following the announcement, Green Minerals' shares experienced significant volatility. On the day of the announcement, shares closed with a 300% gain, reaching 68 euro cents (79 cents). The following day, the share price declined by over 34%, closing at 44 euro cents (51 cents).
The company also plans to integrate blockchain technology to enhance supply chain transparency and operational efficiency. Green Minerals' Executive Chair, Ståle Rodahl, emphasized Bitcoin as an attractive alternative to traditional fiat currencies. The company is exploring the adoption of blockchain technology to stay ahead of competition and meet future regulatory requirements.