Norwegian Block Exchange (NBX) has made history by becoming the first publicly listed company in Norway to adopt a Bitcoin (BTC) treasury strategy. This groundbreaking move was announced in a press release, where NBX revealed its acquisition of 6 Bitcoin, with plans to increase its holdings to 10 BTC by the end of June.
The news of NBX’s foray into Bitcoin sent its shares skyrocketing by over 138% on the Euronext Growth Oslo market, where it is listed under the ticker symbol NBX. This significant spike in share price highlights the growing interest and excitement surrounding cryptocurrency adoption by traditional financial institutions.
NBX, a crypto exchange known for its innovative offerings such as BTC cashback credit cards and institutional trading services, is positioning its Bitcoin holdings as collateral to issue USDM, a MiCA-compliant stablecoin on the Cardano (ADA) blockchain. By leveraging both its insured custody infrastructure and Cardano’s DeFi ecosystem, NBX aims to generate yield while working towards its goal of becoming a regulated digital asset bank.
The initial 6 BTC, valued at over $630,000, was loaned from NBX’s largest shareholders and will be held on the company’s balance sheet to support stablecoin issuance and yield strategies, rather than being sold or shorted. Additionally, NBX plans to acquire more Bitcoin in the near future using proceeds from its agreement with LDA Capital.
This move by NBX is part of a growing trend in Norway, where public corporations are increasingly integrating Bitcoin into their treasury strategies. Industrial conglomerate Aker ASA holds 1,170 BTC through its subsidiary Seetee, while K33, a Norwegian brokerage, recently raised funds to begin acquiring Bitcoin. Even Norges Bank, Norway’s sovereign wealth fund, has indirect exposure to over 3,800 BTC through its equity investments.
By positioning itself as a publicly traded Bitcoin-exposed entity, NBX hopes to attract capital from institutions that are restricted to investing in Norwegian equities but are seeking exposure to Bitcoin. The company plans to engage family offices and high-net-worth individuals in its capital raise and will host a dedicated Bitcoin treasury event on June 11 to outline its next steps.
Founded in 2018, NBX is licensed and regulated in Norway, offering a range of services including trading, custody, and blockchain services across the Nordic region. With its innovative approach to integrating Bitcoin into its treasury strategy, NBX is poised to make a significant impact on the cryptocurrency landscape in Norway and beyond.