Norwegian Crypto Exchange’s Stock Soars After Bitcoin Purchase
The Norway-based crypto exchange Norwegian Block Exchange (NBX) saw its stock price surge by over 138% in a single day following its announcement of purchasing and holding Bitcoin.
On June 2, NBX disclosed the acquisition of six Bitcoin (BTC), valued at approximately $633,700 at prevailing prices, with intentions to increase holdings to ten BTC by month’s end.
According to Google Finance, NBX shares closed at €0.033 ($0.038) following the trading day, marking an all-time high since January 2022.
NBX stated that the newly acquired Bitcoin will serve as collateral for issuing USDM, a stablecoin on the Cardano blockchain, and generating yield within the Cardano ecosystem.
The exchange emphasized that “Bitcoin is becoming an important part of the global financial infrastructure” and aims to use its holdings to “increase operational efficiency” and attract institutional investment in crypto.
NBX has also indicated plans to offer Bitcoin-backed loans, positioning itself as a potential digital asset bank.
Increase in Corporate Bitcoin Holdings in Norway
Norwegian Block Exchange is not alone in Norway’s corporate Bitcoin investments. Industrial holding company Aker ASA established a subsidiary, Seetee, dedicated to Bitcoin investments. Bitcointreasuries.net reports Aker holds 1,170 BTC acquired at an average price of $50,200.
Crypto brokerage firm K33 is also considering raising capital to purchase and hold Bitcoin, following similar moves by other companies.
Separately, Norway’s sovereign wealth fund indirectly held 3,821 BTC via stock market investments as of the end of 2024.
Global Trend of Corporate Bitcoin Investment
The trend toward corporate Bitcoin investments extends beyond Norway, with similar stock price movements reported globally:
- Blockchain Group (Paris) saw its stock rise 225% after announcing Bitcoin purchases on November 5, 2024.
- DigiAsia Corp (Indonesia) shares increased nearly 91% following plans to raise $100 million for Bitcoin acquisitions.
Collectively, corporate treasuries hold over three million BTC, valued at approximately $342 billion, highlighting the growing institutional interest in Bitcoin.
