Norwegian Block Exchange, a crypto exchange based in Norway, has experienced a significant stock price increase of over 138% in one day after revealing its intention to begin buying and holding Bitcoin. On June 2, the company announced the purchase of 6 Bitcoins worth approximately $633,700 and aims to expand its holdings to 10 BTC by the end of June. Additionally, the exchange indicated it is in discussions to raise further capital for more Bitcoin acquisitions. According to Google Finance, shares of Norwegian Block Exchange (NBX) jumped 138.5% on June 2, closing at 0.033 euros ($0.038), compared to its all-time high of 0.93 euros ($1.06) reached in January 2022.
The acquired Bitcoin will serve as collateral for issuing USDM, a stablecoin on the Cardano blockchain, while allowing the company to generate yield both from Bitcoin and within the Cardano ecosystem. The exchange emphasized that Bitcoin is becoming vital in global finance, and its new holdings are part of a strategy to enhance operational capacity and attract interest from companies looking to enter crypto.
The trend of Norwegian companies acquiring Bitcoin is growing. For instance, Aker ASA, a major industrial firm in Norway, established a subsidiary named Seetee to invest in Bitcoin, holding 1,170 BTC valued at $123 million as of current prices. Furthermore, Norwegian brokerage K33 has also expressed plans to raise 60 million Swedish krona (approximately $6.2 million) to invest in Bitcoin.
Norges Bank, the Norwegian sovereign wealth fund, reportedly had indirect ownership of 3,821 BTC through its stock market investments by the end of 2024.
Recent moves by both domestic and international companies, including Blockchain Group in Paris and DigiAsia Corp in Indonesia, have illustrated how Bitcoin acquisitions can influence stock performance, with shares of some firms rising dramatically following similar announcements. According to Bitbo data, corporate Bitcoin treasuries now collectively hold over three million BTC, equating to a value exceeding $342 billion.
The acquired Bitcoin will serve as collateral for issuing USDM, a stablecoin on the Cardano blockchain, while allowing the company to generate yield both from Bitcoin and within the Cardano ecosystem. The exchange emphasized that Bitcoin is becoming vital in global finance, and its new holdings are part of a strategy to enhance operational capacity and attract interest from companies looking to enter crypto.
The trend of Norwegian companies acquiring Bitcoin is growing. For instance, Aker ASA, a major industrial firm in Norway, established a subsidiary named Seetee to invest in Bitcoin, holding 1,170 BTC valued at $123 million as of current prices. Furthermore, Norwegian brokerage K33 has also expressed plans to raise 60 million Swedish krona (approximately $6.2 million) to invest in Bitcoin.
Norges Bank, the Norwegian sovereign wealth fund, reportedly had indirect ownership of 3,821 BTC through its stock market investments by the end of 2024.
Recent moves by both domestic and international companies, including Blockchain Group in Paris and DigiAsia Corp in Indonesia, have illustrated how Bitcoin acquisitions can influence stock performance, with shares of some firms rising dramatically following similar announcements. According to Bitbo data, corporate Bitcoin treasuries now collectively hold over three million BTC, equating to a value exceeding $342 billion.
