Norwegian crypto exchange shares jump 138% after $633,000 Bitcoin buy

Norwegian Block Exchange (NBX) shares surged 138.5% on June 2 following the company’s announcement that it purchased 6 Bitcoin worth approximately $633,700 at current prices.

The Norway-based crypto platform revealed plans to increase its Bitcoin (CRYPTO:BTC) holdings to 10 BTC by the end of June and is exploring additional capital raises to fund further acquisitions.

NBX stock closed at 0.033 euros ($0.038) on June 2, marking a significant intraday gain though still below its all-time high of 0.93 euros ($1.06) reached in January 2022.

The company intends to use its Bitcoin as collateral to issue USDM, a stablecoin on the Cardano (CRYPTO:ADA) blockchain, and to generate yield both on Bitcoin and within the Cardano ecosystem.

NBX stated that Bitcoin is becoming a crucial component of global financial infrastructure and that its new holdings will help improve operational efficiency and attract institutional capital interested in cryptocurrency.

The exchange is also considering offering Bitcoin-backed loans as part of a strategic move toward becoming a digital asset bank.

Norwegian firms have increasingly embraced Bitcoin; for example, industrial holding company Aker ASA owns 1,170 Bitcoin through its subsidiary Seetee, valued at about $123 million.

Norwegian crypto brokerage K33 has announced plans to raise $6.2 million to purchase Bitcoin, while Norway’s sovereign wealth fund indirectly held 3,821 BTC through stock market investments by the end of 2024.

Similar corporate Bitcoin purchases have influenced stock prices elsewhere.

Paris-based Blockchain Group saw its shares rise 225% after starting Bitcoin acquisitions, and Indonesian fintech DigiAsia Corp’s shares nearly doubled after announcing plans to raise $100 million for Bitcoin purchases.

According to Bitbo data, corporate Bitcoin treasuries collectively hold over three million Bitcoin, worth more than $342 billion.

At the time of reporting, the Bitcoin (BTC) price was $105,260.