Norway’s Green Minerals, will—along “with its partners”—invest up to $1.2 billion to establish a Bitcoin treasury, the Euronext Growth Oslo-traded company announced Tuesday.

In a statement, Green Minerals, which mines deep sea minerals, said it aims to acquire its first Bitcoin over the “next few days,” as it pursues a wider strategy to invest more in blockchain integrations.

“Bitcoin’s decentralized, non-inflationary properties make it an attractive alternative to traditional fiat,” said Green Minerals Executive Chairman Ståle Rodahl, in a statement. “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.”

The announcement comes as a rapidly growing list of publicly traded companies pivot from their previous focus to Bitcoin accumulation. However, Green Minerals said that its “core operational strategy remains steadfast,” and that the Bitcoin treasury program would support “the company’s project plans.”

Green Minerals also said that blockchain “has an important role to play in mining to ensure supply chain transparency, mineral origin certification, and operational efficiency.”

Decrypt contacted Green Minerals for additional comment, but did not immediately receive a response.

Some 245 public companies hold the digital asset on their balance sheets, up roughly 13% over the past month, according to data from bitcointreasuries.com. In total, the firms hold a total of more than $88 billion in Bitcoin, the same data shows.

Michael Saylor’s Strategy, formerly MicroStrategy, pioneered the model. Since then, Saylor’s firm has snapped up more than 592,300 Bitcoin worth over $62 billion worth of Bitcoin, according to the company’s filings.

Meanwhile, other publicly traded firms, including Upexi, Wellgistics Health, and DeFi Development Corp., have replicated Strategy’s playbook with altcoins, including XRP and Solana.

Rodahl said Green Minerals’ strategy was “well suited for a company with such a long project horizon.”

“With significant future capital expenditures planned for the production equipment, the program offers a robust hedge against currency debasement,” he said.

Green Minerals stock price plunged nearly 35% on Tuesday. Last year, Norway ordered a stoppage of deep sea mining. The government, which had planned to offer deep sea mining permits in 2025, was reportedly reconsidering the possibility.

Last week, the country’s Labor government said in a statement that it would investigate a temporary ban on new power-intensive crypto mining operations. According to the statement, the power used for mining digital assets could be put to better use, including for community data centers.

Edited by James Rubin