Norwegian firm Green Minerals announced its ambitious target of raising $1.2 billion with the help of its corporate partners. The goal behind the capital raise is to establish a Bitcoin treasury.
According to a recently published press release, the Norwegian mining firm has decided to adopt a Bitcoin (BTC) treasury strategy in addition to its overall blockchain strategy. The company aims to raise enough funds to establish its own Bitcoin strategy with the help of its corporate partners.
According to the release, the company has set its target at $1.2 billion to purchase BTC and gradually grow its crypto holdings. Unlike other companies in recent months which have set similarly ambitious targets, Green Minerals has not set a clear timeline for when they should be able to reach the $1.2 billion target.
“Green Minerals has set an ambitious target: to together with its partners finance up to USD 1.2 billion with programs designed to increase its Bitcoin Treasury exposure forming a cornerstone of the financing,” wrote the company.
The company claimed that this goal is in line with its commitment to “leverage digital assets as a core component of its financial structure and future growth.”
Executive Chairman Ståle Rodahl of Green Minerals stated that the global economic conditions have prompted the company to strengthen its balance sheet.
He viewed the decision to add BTC to the company balance sheet as a way to hedge the economic uncertainty posed by fiat but also demonstrate its goal of advancing financial innovation.
“By integrating a Bitcoin Treasury Strategy, we are not only mitigating fiat risks but also reaffirming our commitment to financial innovation and the sustainable creation of long-term value,” said Rodahl.
In addition, it also clarified that Green Minerals’ Bitcoin Treasury program will support the company’s project plans while its core operational strategy remains the same. To ensure the impact can be measured, the company will introduce a new metric called the Bitcoin per share indicator.
The metric will serve as a new Key Performance Indicator that will inform shareholders about the digital asset value attributable to each share. In this case, the digital asset is represented by Bitcoin. This metric is similar to those adopted by many other Bitcoin-centered companies, such as Metaplanet’s Bitcoin Yield metric.
Recently, companies that have focused on blockchain tech and have been accumulating BTC for awhile as well as those who are new to the cryptocurrency, have been setting targets to purchase more BTC in the next few years. This institutional demand has been fueling the latest BTC rally, unlike past cycles which have relied on retail demand.
Most recently, another Norwegian company, K33, announced that it plans to raise enough capital to purchase as much as 1,000 BTC. The money will be generated through issuing new company shares equal to 85 million Swedish krona or equal to around $8.8 million.
