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Norwegian Block Exchange (NBX) is the first listed company in Norway to have incorporated Bitcoin into its balance sheet, a milestone in Norway’s increasing adoption of digital assets. The Oslo-based cryptocurrency exchange confirmed acquiring 6 Bitcoin worth more than $663,000 and vowed to own 10 BTC in six months.
The announcement, issued through a press release on June 2, propelled NBX shares higher by over 138% on the Euronext Growth Oslo bourse, where the company lists under the ticker symbol NBX.
NBX will utilize its Bitcoin reserves as collateral to mint a new stablecoin, USDM, on the Cardano platform. The token will be the sole MiCA-compliant stablecoin on Cardano across Europe, according to the firm. The BTC used initially was borrowed from NBX's largest shareholders and won’t be shorted or sold, the firm noted.
“NBX won’t sell this Bitcoin or short it in any shape,” the exchange said, emphasizing its long-term vision of incorporating Bitcoin into its business model.
Also Read: Bitcoin vs. Government Debt: Why Crypto is Gaining Ground in 2025?
The stablecoin launch is part of a broader strategic shift for NBX, which itself is building towards becoming a full-fledged digital asset bank. The company, already home to Norway’s first Bitcoin cashback credit card, says that it will issue Bitcoin-backed loans and other interest-paying products soon.
NBX is also in talks with family offices and high-net-worth investors to raise funds to buy more Bitcoin. It plans to use proceeds from a financing deal with LDA Capital to increase its treasury position.
There will be an exclusive investor event on June 11, where the company will present its long-term strategy on Bitcoin and treasury model.
NBX’s action follows an increasing adoption of cryptos by Norwegian businesses. Industrial conglomerate Aker ASA owns more than 1,100 BTC via its subsidiary Seetee, while brokerage firm K33 just raised $6.2 million to start buying Bitcoin. Even Norges Bank, Norway’s sovereign wealth fund, indirectly held exposure to over 3,800 BTC via its equity holdings as of late 2024.
NBX thinks it is the only company that can provide regulated Bitcoin exposure to institutional investors, limited to Norwegian equities.
“Bitcoin is becoming an integral part of the global financial infrastructure,” the company stated. “Our long-term ambition is to establish a new class of financial services based on digital asset ownership.”
