On June 2, shares of Norwegian Block Exchange soared 138% after the crypto firm revealed it had bought six Bitcoins and planned to expand its holdings further.
After the Norwegian Block Exchange, a cryptocurrency exchange based in Norway, announced that it was beginning to purchase and keep Bitcoin, its stock price increased by more than 138% in a single day.
According to the corporation, it bought six Bitcoin (BTC) for $105,291 on June 2, equivalent to $633,700 at today’s values. By the end of the month, it hopes to increase its holdings to ten BTC.
It also stated that talks to collect more money for additional Bitcoin purchases are ongoing.
According to Google Finance, shares of the Norwegian Block Exchange (NBX) stock increased by more than 138.5% on the June 2 trading day, closing at 0.033 euros ($0.038). In January 2022, the stock reached its highest point, which was 0.93 euros ($1.06).
To issue USDM, a stablecoin on the Cardano blockchain, and provide yield on both the Bitcoin and Cardano ecosystems, Norwegian Block Exchange will utilize its recently acquired Bitcoin as collateral.
According to the platform, “Bitcoin is becoming an important part of the global financial infrastructure,” and it plans to “increase operational efficiency” and draw in funding from cryptocurrency-interested businesses with its new holdings.
The exchange stated that as part of the board’s plan to transform into a digital asset bank, it will look into providing Bitcoin-backed loans.
Norwegian companies add additional Bitcoin.
Bitcoin has also been added to the balance sheet of at least one other Norwegian business. Aker ASA, a Norwegian industrial holding firm, established Seetee, a subsidiary, in 2021 to invest in Bitcoin and retain liquid cryptocurrency holdings.
As per Bitcointreasuries.net, Aker acquired 1,170 Bitcoin through the subsidiary at an average cost of $50,200, and its current valuation stands at $123 million.
Norwegian cryptocurrency trading business K33 has announced its plans to raise 60 million Swedish krona ($6.2 million) to purchase and hold Bitcoin, joining the growing number of other publicly traded companies that are doing the same.
By the end of 2024, Norges Bank, Norway’s $1.7 trillion sovereign wealth fund, also indirectly held 3,821 BTC through its stock market holdings.
After announcing a Bitcoin purchase plan, other companies have also seen their stock prices improve. Blockchain Group, a cryptocurrency company in Paris, began purchasing Bitcoin on November 5 and saw a 225% increase in its stock price to 0.48 euros ($0.52).
DigiAsia Corp., a fintech company based in Indonesia, announced plans to raise $100 million to seed its first of many Bitcoin purchases, which caused its shares to nearly double, jumping 91%.
According to Bitbo data, corporate Bitcoin treasuries own well over three million Bitcoins, valued at approximately $342 billion.