Norway-based deepweb mining company Green Minerals plans to create a long-term Bitcoin (BTC) reserve worth $1.2 billion to mitigate fiat currency risks.
In a statement on Monday, the company announced its intention to diversify its investments away from fiat currencies by acquiring Bitcoin, aiming to support its future projects. Chairman Ståle Rodahl emphasized Bitcoin as an attractive alternative to traditional fiat currencies, stating that holding Bitcoin will significantly reduce exposure to fiat-related risks.
Together with its partners, Green Minerals plans to raise a total of $1.2 billion to purchase approximately 11,255 Bitcoins at the current market price of about $106,500. Additionally, the company intends to adopt blockchain technology extensively to enhance transparency in mining supply chains, certify mineral origins, and improve operational efficiency.
Following the announcement, Green Minerals shares surged 300% on Monday to reach 68 euro cents (79 cents). However, the shares faced selling pressure on Tuesday, falling over 34% and closing the day at 44 euro cents (51 cents).
