Crypto Platform Joins Growing List of Public Companies Embracing BTC as a Reserve Asset
Norwegian Block Exchange (NBX) saw its stock price skyrocket over 138% on June 2 after the company announced it had purchased 6 Bitcoin (BTC) and revealed plans to significantly expand its Bitcoin holdings by the end of the month. The move places NBX among a growing cohort of publicly traded firms adding Bitcoin to their corporate treasuries as part of a broader strategy to integrate with the digital asset economy.
NBX stated that its Bitcoin reserves would be used to support stablecoin issuance, generate on-chain yield, and lay the groundwork for future offerings like Bitcoin-backed loans — underscoring its ambition to evolve into a full-fledged digital asset bank.
Initial BTC Purchase Sparks Investor Optimism
The Oslo-based cryptocurrency exchange revealed on June 2 that it had acquired 6 BTC, valued at approximately $633,700 at the time of the announcement, and plans to increase its total holdings to 10 BTC before the end of June.
The company also indicated that it is in ongoing discussions to raise additional capital to further expand its Bitcoin treasury. The market responded swiftly to the announcement, with NBX shares surging 138.5% over the trading day, closing at €0.033 ($0.038), according to Google Finance.
Although this figure is still significantly below its all-time high of €0.93 ($1.06) reached in January 2022, the spike reflects renewed investor confidence in the firm’s crypto-centric direction.
BTC to Support Stablecoin and Cardano Ecosystem Integration
NBX disclosed that its newly acquired Bitcoin will be deployed as collateral for issuing USDM, a stablecoin built on the Cardano blockchain. This will enable the company to generate yield on Bitcoin while participating more actively in the Cardano DeFi ecosystem.
“Bitcoin is becoming an important part of the global financial infrastructure,” NBX said in its statement. The company added that the strategy would help increase operational efficiency and attract institutional capital from entities looking to gain exposure to digital assets.
As part of its roadmap, NBX said it is also evaluating options for offering Bitcoin-backed loans, a move that aligns with its broader objective to become a digital asset banking platform capable of servicing both institutional and retail clients.
Bitcoin Adoption Among Norwegian Firms Remains Limited, but Growing
NBX is not the first Norwegian company to embrace Bitcoin. In 2021, Aker ASA, one of Norway’s largest industrial conglomerates, launched a subsidiary called Seetee dedicated entirely to investing in Bitcoin and other blockchain-related initiatives.
Through Seetee, Aker currently holds 1,170 BTC, which it acquired at an average purchase price of $50,200, according to Bitcointreasuries.net. At current prices, the holdings are worth an estimated $123 million.
Meanwhile, Norwegian crypto brokerage K33 recently announced that it had raised 60 million Swedish krona ($6.2 million) to begin accumulating Bitcoin, signaling a growing appetite among Scandinavian firms for crypto exposure.
Even Norway’s central financial authority, Norges Bank, holds indirect exposure to Bitcoin. As of the end of 2024, the bank’s $1.7 trillion sovereign wealth fund held approximately 3,821 BTC through its investments in public companies with Bitcoin on their balance sheets.
A Broader Corporate Bitcoin Trend Emerges
NBX’s stock rally mirrors similar moves seen globally after companies unveil Bitcoin acquisition plans. On November 5, 2023, Paris-based Blockchain Group announced its own Bitcoin buy, prompting a 225% surge in its stock price to €0.48 ($0.52).
Likewise, Indonesia-based fintech firm DigiAsia Corp saw its shares rise 91% after revealing plans to raise $100 million to fund its first round of Bitcoin purchases.
According to Bitbo, public and private firms worldwide now collectively hold over three million BTC, representing more than $342 billion in value at current market prices. This trend underscores the growing belief among corporate treasurers and CEOs that Bitcoin can serve as a strategic reserve asset, particularly in an era marked by fiat currency volatility and rising inflation concerns.
Investor Sentiment and Future Outlook
NBX’s stock performance indicates strong investor appetite for companies aligned with Bitcoin-forward strategies, particularly those that actively utilize their crypto holdings to unlock additional financial products and services.
While the purchase of 6 BTC may appear modest, NBX’s clear intent to increase holdings and integrate Bitcoin into its operational model lends credibility to its long-term strategy. Moreover, the company’s focus on collateralization, DeFi yield, and stablecoin issuance positions it to capitalize on multiple crypto-related revenue streams.
If successful, NBX could become a model for small-cap publicly traded companies seeking to leverage Bitcoin not only as a balance sheet hedge but also as a tool for product innovation and capital attraction.
Conclusion
The announcement by Norwegian Block Exchange to begin accumulating Bitcoin has not only catalyzed a sharp rally in its stock price, but also placed the firm squarely among the growing list of companies embracing Bitcoin as part of their financial infrastructure.
As institutional interest in digital assets continues to grow, and companies seek new ways to improve balance sheet resilience and product innovation, NBX’s move could signal a broader trend among smaller public firms to follow the Bitcoin treasury playbook.
With a clear roadmap to expand holdings, deploy assets in DeFi, and offer new financial products, NBX appears well-positioned to evolve beyond a traditional crypto exchange — potentially becoming one of the first Scandinavian digital asset banks in the process.
