The stock of Norwegian Block Exchange (NBX) surged by more than 138% on June 2 following its bold move to begin holding Bitcoin on its balance sheet—a strategy that’s quickly becoming a trend among crypto-aligned companies.
The Oslo-based crypto exchange announced that it had acquired 6 Bitcoin (BTC), valued at approximately $633,700, and revealed plans to increase its holdings to 10 BTC before the end of the month. NBX also confirmed ongoing efforts to raise additional capital to expand its Bitcoin reserves.
Investors responded swiftly. NBX shares jumped from near-penny stock levels to close the day at €0.033 ($0.038), according to Google Finance. Despite the sharp increase, the stock remains far below its all-time high of €0.93 ($1.06), recorded in January 2022.
NBX aims to integrate its Bitcoin holdings into broader blockchain utility. It disclosed that the BTC will serve as collateral for issuing USDM, a stablecoin native to the Cardano blockchain. The exchange also plans to generate yield from both its Bitcoin and Cardano-based assets.
“Bitcoin is becoming an important part of the global financial infrastructure,”
the company stated, adding that this move is designed to boost operational efficiency and attract capital from crypto-curious businesses. NBX’s board is also reportedly exploring Bitcoin-backed lending products as part of a larger ambition to transform into a digital asset bank.
This shift mirrors earlier moves by other Norwegian firms. Aker ASA, a major industrial conglomerate, set up its crypto-focused subsidiary Seetee in 2021, which holds 1,170 BTC—purchased at an average of $50,200 and now worth over $123 million, based on current prices listed on Bitcointreasuries.net.
Norwegian brokerage firm K33 has also signaled its intent to follow suit, recently raising 60 million Swedish krona ($6.2 million) for its own Bitcoin treasury initiative.
According to Bitbo, corporate treasuries now collectively control more than 3 million BTC, worth over $342 billion—a sign that Bitcoin’s role in institutional finance is rapidly evolving from a speculative asset to a strategic reserve.
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