Key Takeaways
- Green Minerals is launching a Bitcoin Treasury Strategy to diversify from fiat currencies, despite Norway’s potential ban on new crypto mining operations.
- The shift comes after the company’s stock plunged 36% when the government blocked its Arctic seabed mining plans.
- By committing up to $1.2 billion toward Bitcoin exposure, Green Minerals is betting on the asset as a significant part of its future economic structure.
Green Minerals AS, an Oslo-based deep sea mining company, has announced that it will be launching a Bitcoin Treasury Strategy, as Norway’s government looks set to crack down on new crypto mining operations.
The move comes six months after the mining firm’s shares dramatically fell by over 30% after the government blocked its plans to mine the Arctic seabed.
Bitcoin Treasury
On June 23, Green Minerals announced the launch of a Bitcoin Treasury Strategy to diversify the company’s treasury away from traditional fiat currencies.
The move aims to make the company more resilient in the face of increasing risks “due to inflation and geopolitical uncertainty.”
“In this era of significant monetary expansion, maintaining a strong balance sheet is more critical than ever,” said Executive Chairman Ståle Rodahl of Green Minerals.
“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,” he added.
The Norwegian company and its partners said it aims to finance up to $1.2 billion with programs designed to increase its Bitcoin Treasury exposure.
“This approach is particularly well suited for a company with such a long project horizon as Green Minerals,” Rodahl added.
“With significant future capital expenditures planned for the production equipment, the program offers a robust hedge against currency debasement.”
Green Minerals Stock Plunge
In December 2024, Green Minerals saw its stock price plunge by 36% after the government scrapped a first licensing round for deep-sea mining.
The Norwegian government had originally planned to offer its first lot of deep-sea mining exploration permits in the first half of 2025, Reuters reported.
However, a left-wing eco-friendly political party succeeded in blocking the plans by trading support for the minority coalition’s budget on the condition they halted the licensing round.
Despite Green Minerals responding in a statement that it had not changed its timeline, its share price took a significant hit.
“The company does not change its estimated timeline for first ore, still expected to take place in the very end of the 2020s,” Green Minerals said in a statement.
Norway’s Crypto Mining Ban
Green Minerals’ Bitcoin push comes at another testing time for the crypto asset in Norway.
On Friday, June 20, the government said it would look into a temporary ban on new power-intensive crypto mining operations.
The country’s Labour Party said the power being used for mining digital assets could be diverted for better use, such as community data centres.
“During the fall of 2025, the government will explore the possibility of temporarily prohibiting the establishment of new data centers in Norway that extract cryptocurrency with the most power-consuming technology,” the government statement said.
The government emphasized that they believed “the useful use” of blockchain technology and AI was “important.”
It added that it did not want to “impede innovation and development in areas that are useful to society.”
By adopting Bitcoin now, Green Minerals may be aiming to position itself ahead of regulatory uncertainty.
Whether or not the firm is anticipating future restrictions on acquiring crypto is unclear, but the timing highlights the company’s conviction in the asset.
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