Former platform supply vessel (PSV) investment outfit Standard Supply has transitioned to the cryptocurrency market.
The Oslo-listed company has rebranded as StandardCoin and announced a $5m investment in bitcoin.
Earlier this month, StandardCoin, backed by prominent Norwegian investor Øystein Stray Spetalen, revealed it will be shifting its focus to digital assets after closing the chapter on its offshore shipowning operation last year.
“We aim to position StandardCoin as a responsible and forward-thinking investor participating in the evolving digital asset ecosystem,” said Eldar Paulsrud, the newly appointed CEO.
Founded in 2022 to benefit from a recovery in the PSV market, Standard Supply quickly built up a fleet. By the end of that year, the company owned nine vessels. In 2023, it began divesting assets, selling eight vessels, and completed the sale of its final ship in April 2024.