The Norwegian cryptocurrency exchange, Norwegian Block Exchange (NBX), saw its stock price soar over 138% in a single day after announcing plans to purchase and hold Bitcoin.
The company announced on June 2 that it had acquired 6 Bitcoins, valued at $633,700 at current prices, and plans to increase its holdings to 10 Bitcoins by the end of the month.
The company added that it is continuing discussions to raise more funds to increase its Bitcoin purchases.
According to Google Finance data, NBX stock rose over 138.5% during the trading day on June 2, closing at €0.033 ($0.038). The stock's historical peak occurred in January 2022, reaching €0.93 ($1.06).
The newly acquired Bitcoins will be used as collateral for issuing USDM (a stablecoin on the Cardano blockchain) and will generate returns within the Bitcoin and Cardano ecosystems.
The platform stated, "Bitcoin is becoming an important part of the global financial infrastructure," and will leverage its newly held assets to "improve operational efficiency" and attract funding from companies interested in cryptocurrency.
The exchange indicated that it will explore offering Bitcoin collateralized loan services as part of the board's strategy to transform into a digital asset bank.
At least one other Norwegian company has also incorporated Bitcoin into its balance sheet. In 2021, Norwegian industrial holding company Aker ASA created a subsidiary named Seetee, dedicated to investing in Bitcoin and holding cryptocurrency liquid assets.
According to Bitcointreasuries.net, Aker holds 1,170 Bitcoins through this subsidiary, with an average purchase cost of $50,200, valued at $123 million at current prices.
Norwegian cryptocurrency brokerage K33 also announced plans to join the growing list of publicly traded companies purchasing Bitcoin, having raised 60 million Swedish Krona ($6.2 million) for the purchase and holding of the cryptocurrency.
The $1.7 trillion sovereign wealth fund managed by the Norwegian central bank (Norges Bank) indirectly holds 3,821 Bitcoins through its stock market investments as of the end of 2024.
Other companies have also seen significant stock price increases after announcing Bitcoin purchase plans. Paris-based crypto company Blockchain Group began purchasing Bitcoin on November 5, with its stock price soaring 225% to €0.48 ($0.52).
Meanwhile, Indonesian fintech company DigiAsia Corp's stock price nearly doubled, rising 91%, after the company announced plans to raise $100 million for its initial Bitcoin purchase.
According to Bitbo data, corporate Bitcoin holdings total over 3 million Bitcoins, valued at over $342 billion.
Related: Cryptocurrency lobbying group pressures Senate to pass stablecoin bill without debate
Original article: “Norwegian cryptocurrency platform stock surges 138% after announcing Bitcoin reserve plan”
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