Norwegian Block Exchange (NBX) has become the first publicly traded company in Norway to adopt Bitcoin (BTC) as part of its treasury strategy, according to a company press release.
The Oslo-based firm disclosed the acquisition of 6 Bitcoin, with plans to increase its holdings to 10 BTC by the end of June 2025.
Following the announcement, NBX shares surged by more than 138%. The company trades under the ticker symbol NBX on the Euronext Growth Oslo exchange.
Proof of Concept
NBX – known for launching Bitcoin cashback credit cards and providing institutional-grade trading and custody – plans to use its Bitcoin reserves as collateral to issue USDM, a MiCA-compliant stablecoin on the Cardano (ADA) blockchain.
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— Cardano Feed ($ADA) (@CardanoFeed) January 5, 2022
The company aims to generate yield through its insured custody infrastructure and Cardano’s DeFi ecosystem, positioning itself on the path to becoming a fully regulated digital asset bank.
The initial 6 BTC, valued at over $630,000, was loaned from NBX’s largest shareholders. The company confirmed the Bitcoin will not be sold or shorted, but retained on the balance sheet to support stablecoin issuance and yield strategies.
NBX also said it plans to use funds from its agreement with LDA Capital to further expand its Bitcoin holdings over the coming months.
The surge in NBX’s stock mirrors similar market reactions to other firms entering the Bitcoin treasury space. Last year [2024],
France’s Blockchain Group saw a 225% rise in share price following its BTC allocation, while
Indonesia’s DigiAsia Corp gained 91% after announcing plans to raise $100 million for Bitcoin purchases.
Norway’s Growing Bitcoin Adoption
NBX’s move is part of a broader trend among Norwegian firms turning to Bitcoin as a treasury asset.
Aker ASA, a major Norwegian industrial conglomerate, holds 1,170 BTC through its crypto-focused subsidiary Seetee. Brokerage firm K33 also recently raised $6.2 million for Bitcoin acquisitions.
Additionally, data from BitcoinTreasuries.net shows that Norway’s sovereign wealth fund, Norges Bank, had indirect exposure to over 3,800 BTC by the end of 2024 through its equity positions.
By positioning itself as a publicly listed vehicle with Bitcoin exposure, NBX aims to attract institutional capital – particularly from investors constrained to Norwegian equities but looking for BTC-linked assets.
The company also plans to engage family offices and high-net-worth individuals in an upcoming capital raise, and will host a dedicated Bitcoin treasury event on June 11 to outline its strategy.
Founded in 2018, NBX is licensed and regulated in Norway, offering trading, custody, and blockchain services across the Nordic region.
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