The company was founded in Norway by a group of people with interests in the polar regions, including trapper Hallvard Devold who was CEO in the first years, and the head of the Norwegian Svalbard and Arctic Ocean Survey (NSIU), Adolf Hoel.
Arctic Trading Co. provided free travel and equipment to the hunters and trappers manning the cabins, but they had to bring their own weapons and supplies.
The company retained 40% of the gross value of the furs and 25% of the arctic char and salmon catch, leaving the rest to the trapper.
Norwegian operations in East Greenland were concluded in 1959, but the company was not closed pending other possible business opportunities in the area.
Finally, at the request of the Ministry of Trade and Industry, which was one of the shareholders, an extraordinary general meeting was called on 26 May 1981 to wrap up the company.