Green Minerals Announces Bitcoin Treasury Investment Plan

Norway-based mining company Green Minerals has announced plans to establish a Bitcoin treasury, investing up to $1.2 billion to build a stockpile of the cryptocurrency. The Euronext Growth Oslo-traded firm intends to acquire its first Bitcoin “over the next few days,” according to a statement released Tuesday.

Executive Chairman Ståle Rodahl cited Bitcoin’s decentralized and non-inflationary characteristics, framing the move as a hedge against “fiat risks.” He added that the treasury strategy supports the company’s long-term project plans and aligns with its view that blockchain technology “has an important role to play” in the mining sector for transparency and efficiency.

The announcement led to a nearly 35% plunge in the company’s stock price.

While Green Minerals maintains its core operations remain unchanged, the timing is significant as Norway grapples with its stance on crypto. Last week, the Labor government indicated it would investigate a temporary ban on new power-intensive crypto mining operations, citing better utilization of energy for community purposes. Separately, the country ordered a stoppage of deep sea mining last year, a sector in which Green Minerals operates, and was reported to be reconsidering permits planned for 2025.

Green Minerals joins a growing trend of publicly traded companies allocating capital to Bitcoin. As per data from bitcointreasuries.com, 245 companies now hold approximately $88 billion in Bitcoin, a 13% increase over the past month. Michael Saylor’s MicroStrategy (formerly Strategic) pioneered the strategy, acquiring over 592,300 BTC valued at more than $62 billion, while other firms have explored holding alternative cryptocurrencies like XRP and Solana.