Norwegian Exchange Stock Soars 138% After Bitcoin Purchase Announcement

Norwegian Block Exchange (NBX) saw its stock price skyrocket more than 138% in a single trading session after announcing it had purchased Bitcoin and planned to acquire more. The move reflects a growing trend among Nordic companies to incorporate Bitcoin into their treasury strategies. Initial Purchase and Future Plans On June 2, NBX confirmed the acquisition of 6 Bitcoin, valued at approximately $633,700. The firm aims to increase its holdings to 10 BTC before the end of June. The company is also in talks to raise additional capital to expand its Bitcoin position. By the close of June 2’s trading day, NBX shares had surged by 138.5%, ending at 0.033 euros ($0.038), according to Google Finance. Despite this jump, the stock remains far below its all-time high of 0.93 euros ($1.06), which it reached in January 2022. Bitcoin as Collateral and Operational Tool NBX plans to use its newly acquired Bitcoin to support the issuance of USDM, a stablecoin on the Cardano blockchain. The Bitcoin will also generate yield within the Cardano ecosystem. The platform stated, “Bitcoin is becoming an important part of the global financial infrastructure.” NBX believes the holdings will enhance “operational efficiency” and attract capital from crypto-curious businesses. The company also revealed ambitions to explore Bitcoin-backed loans as part of a broader effort to evolve into a digital asset bank. Growing Bitcoin Adoption in Norway NBX is not alone in embracing Bitcoin. Norwegian industrial giant Aker ASA entered the space in 2021 by creating a crypto-focused subsidiary, Seetee, which now holds 1,170 BTC. According to Bitcointreasuries.net, Aker bought its Bitcoin at an average cost of $50,200, with current holdings valued at approximately $123 million. Another Norwegian brokerage, K33, has raised 60 million Swedish krona ($6.2 million) to begin purchasing Bitcoin, signaling wider interest among regional firms. Even Norway’s central wealth fund is indirectly exposed—Norges Bank held 3,821 BTC via equity investments by the end of 2024. Global Trend of Corporate Bitcoin Treasuries NBX’s stock rally mirrors other cases where firms gained after announcing Bitcoin investments. France’s Blockchain Group revealed its Bitcoin buy in November 2023 and saw its stock rise 225% to 0.48 euros. In Indonesia, DigiAsia Corp announced a $100 million Bitcoin investment plan, prompting a 91% increase in its stock price. Collectively, corporate Bitcoin treasuries now hold over 3 million BTC, valued at more than $342 billion, according to Bitbo.

Source: CryptoIntelligence