Norwegian mining company Green Minerals plans to purchase $1.2 billion worth of Bitcoin after its share price drops 92%

According to ChainCatcher, as reported by Protos, Oslo-based Norwegian mining company Green Minerals had a market capitalization of less than $6 million before announcing its plan to purchase $1.2 billion worth of Bitcoin (BTC). Following the announcement, the company's share price briefly surged fourfold, but then fell 58% from its peak within two days.

Since its listing in March 2021, the company's share price has dropped from $3.33 to the current $0.37, a decline of 92%. Although the Bitcoin news provided a boost to the share price this week, Green Minerals still plans to continue its deep-sea mining business. The company has sought to highlight the potential of blockchain technology to improve operational efficiency and supply chain transparency, including generating unique mineral provenance certifications for which there is little actual customer demand. Green Minerals stated that blockchain will differentiate its approach from that of MicroStrategy, which has shifted almost entirely from business analytics software to a Bitcoin narrative.

The company has previously purchased four Bitcoins and announced the adoption of a Bitcoin treasury strategy as part of its overall blockchain strategy.