Norwegian Crypto Exchange NBX Stock Explodes 138% After Bitcoin Buy Announcement

Norwegian Crypto Exchange Buys BTC, Plans to Become Digital Asset Bank

Norwegian Crypto Exchange – Norwegian Block Exchange (NBX), a crypto exchange based in Norway, witnessed a 138.5% surge in its stock price on June 2, following its announcement of a new strategy to buy and hold Bitcoin (BTC). According to a company statement, Norwegian Block Exchange purchased 6 BTC, valued at approximately $633,700, and plans to increase its holdings to 10 BTC by the end of June.

Bitcoin as a Strategic Asset

NBX stated that it is also in discussions to raise additional capital for further Bitcoin purchases. The acquired Bitcoin will be used as collateral to issue USDM, a Cardano-based stablecoin, and to generate yield within the Cardano ecosystem. The company emphasized that “Bitcoin is becoming an important part of the global financial infrastructure”, and the holdings are intended to enhance operational efficiency and attract crypto-aligned capital.

In line with its broader ambitions, NBX also revealed plans to offer Bitcoin-backed loans, supporting its agenda to evolve into a digital asset bank.

Norway’s Growing Bitcoin Movement

NBX is not the only Norwegian firm turning to Bitcoin. In 2021, Aker ASA, a major industrial holding company, launched Seetee, a subsidiary focused on Bitcoin. Through Seetee, Aker holds 1,170 BTC, bought at an average of $50,200, currently worth over $123 million.

Meanwhile, K33, another Norwegian crypto brokerage, recently raised 60 million SEK ($6.2 million) to invest in Bitcoin. Even Norges Bank, Norway’s $1.7 trillion sovereign wealth fund, indirectly held 3,821 BTC via stock market exposure by the end of 2024.

The trend is not unique to Norway. Paris-based Blockchain Group saw its stock jump 225% after starting to buy BTC, while Indonesia’s DigiAsia Corp surged 91% after unveiling a $100 million Bitcoin investment plan.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Cryptocurrencies and stocks, particularly in micro-cap companies, are subject to significant volatility and risk. Please conduct thorough research before making any investment decisions.