The US will have a military presence in Greenland

Shares of U.S.-listed companies exposed to Greenland surged on Monday after the U.S. and Denmark reached a deal on security arrangements on the Arctic territory, CNBC reports.

Shares of Greenland Energy soared more than 154% during premarket trading, with Greenland Mines seen up over 70% and Critical Metals Corp nearly 27% higher.

The agreement, which is expected to be signed during the United Nations General Assembly this week, will see the U.S., Denmark and Greenland enter into a pact to develop a significant military presence on the territory, while blocking Washington’s adversaries from building their own bases there.

It follows several months of U.S. President Donald Trump’s threats to annex the self-governing Danish territory, with the president insisting Greenland is critical to U.S. national security.

Announcing the deal, Trump said via Truth Social on Friday that the U.S. would “FOREVER have the complete ability to do what is necessary in Greenland in order to secure and defend the security of Greenland, and the United States of America.”

Trump said the agreement would come at no cost to the U.S., adding that Washington would “immediately begin the process of developing a large Military presence in the appropriate part of Greenland, of which there are many.”

Key details of the agreement have not yet been made public.

Greenlandic and Danish officials sought to reassure citizens over the weekend that the deal would respect the island’s right to self-determination and the sovereignty of the Danish kingdom.

“It is joyous that we are about to make an agreement that will ensure and strengthen the security of Greenland, the Kingdom of Denmark, the United States and the Western Alliance,” Greenland’s Prime Minister Jens-Frederik Nielsen said in a statement.