Norwegian company Green Mineral has announced its ambitious goal of raising $1.2 billion with the help of its corporate partners. The goal behind Capital Raising is to establish the Bitcoin Treasury Ministry.
According to a recently released press release, the Norwegian mining company has decided to adopt a Bitcoin (BTC) financial 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 purchased BTC with a target of $1.2 billion and is gradually growing crypto stocks. Unlike other months’ other companies that have similarly ambitious targets, Green Minerals doesn’t have a clear timeline on when it can reach its $1.2 billion target.
“Green Minerals have set an ambitious target. With a financing of up to USD 1.2 billion, we will set up a program designed to increase Bitcoin’s Treasury Department exposure and form the cornerstone of funding,” the company writes.
The company argued that the goal was “in line with its commitment to leveraging digital assets as a core component of its financial structure and future growth.
Ståle Rodahl, executive chairman of Green Mineral, said the global economic situation has encouraged the company to strengthen its balance sheet.
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He viewed the decision to add BTC to the company’s balance sheet as a way to hedge the economic uncertainty brought about by Fiat, but also cites his goal of fostering financial innovation.
“By integrating Bitcoin’s financial strategy, we are not only reducing the risks of Fiat, but we are reaffirming our commitment to financial innovation and sustainable creation of long-term value,” Rodard said.
Additionally, it revealed that while Green Minerals’ Bitcoin Treasury program will support the company’s project planning, its core operational strategies will remain the same. To be able to measure the impact, the company will introduce a new metric called indicators per share per bitcoin.
The metrics serve as new key performance indicators that inform shareholders of the digital asset value caused by each share. In this case, the digital assets are represented in Bitcoin. This metric is similar to that used by many other Bitcoin-centric companies, such as Metaplanet’s Bitcoin yield metric.
Recently, companies that have focused on blockchain technology and have accumulated BTC for some time, and companies that are not used to cryptocurrency have set targets to buy more BTC in the coming years. This institutional demand is different from past cycles that relied on retail demand, promoting the latest BTC meetings.
Recently, another Norwegian company, K33, announced it is planning to raise enough capital to buy up to 1,000 BTC. The funds will be generated by issuing shares in the new company, equivalent to 85 million Swedish Crona, or by approximately $8.8 million.
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