Norwegian holding company Aker ASA has announced its intention to become a major player in the Bitcoin ecosystem in mining, investment and collaboration.

Aker announced on Monday in a press release it has established a new company Seetee that will invest in projects and companies in the Bitcoin industry.

According to the release, Aker has earmarked 500 million Norwegian Krone ($58 million) as initial capitalization for Seetee.

Seetee said in a tweet that it has made its first Bitcoin purchase of 1,170 BTC and plans to hold it.

“Our first purchase was 1,170 BTC and our strategy is to hodl,” it tweeted.

To fast-track its plan to go into Bitcoin mining, Seetee has gone into a partnership with Blockstream. Blockstream is a global leader in Bitcoin and blockchain technology.

The current price of bitcoin is $50,235.80, dropping by 1.00% in the last 24 hours. Bitcoin’s current market cap of $936.77B and market volume of $47.63B. In the last 24 hours, bitcoin has dropped to $49,390.18 and experienced a 24 hours high of $51,808.27.  Currently, 18,648,187.5 bitcoins are in circulation.

Stats and Image from Coin Desk

Commenting on this move, the President and CEO of Aker ASA Øyvind Eriksen said Bitcoin and blockchain technology has the potential to drive innovation and a secured digital economy.

“These technologies have the potential to reduce frictions in our day to day lives, enhance the security of our digitally driven economies, and unlock new business models for innovation. We look forward to addressing these and other applications together with Blockstream and other partners,” he said. 

Aker has joined the train of institutions like MicroStrategy, Tesla, etc., adopting Bitcoin and showing strong support for the crypto.

A Chinese technology company Meitu has also joined the bandwagon of institutional investors. It announced yesterday that it has invested $17.9 million in BTC and $22 million in ETH.