Norwegian Firm NGX Bets Big on Bitcoin—Stock Skyrockets 138% in Market Frenzy

NGX just rewrote Norway’s corporate playbook by becoming the first publicly traded firm in the country to adopt Bitcoin as a reserve asset. Cue the market’s standing ovation—shares ripped 138% higher as traders piled into the crypto-pivot.

The Bitcoin standard isn’t just for El Salvador anymore. NGX’s board clearly ignored the ‘volatility is bad’ memo from traditional finance—and shareholders are cashing in.

Wall Street analysts are already sharpening their pitchforks (‘reckless speculation!’) while crypto natives celebrate. One thing’s certain: the suits in Oslo just got a lot more interesting.

Proof of concept

The crypto exchange, which has pioneered BTC cashback credit cards and offers institutional trading and custody services, is positioning the Bitcoin holdings as collateral to issue USDM, a MiCA-compliant stablecoin on the Cardano (ADA) blockchain.

NBX aims to generate yield through both its insured custody infrastructure and Cardano’s DeFi ecosystem, as it advances toward 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 not be sold or shorted. Instead, it will remain on the company’s balance sheet to support stablecoin issuance and yield strategies.

NBX also said it will use proceeds from its agreement with LDA Capital to acquire more Bitcoin in the coming months. The dramatic jump in NBX’s stock mirrors similar surges seen in other companies announcing crypto treasury strategies.

France’s Blockchain Group saw its shares rise 225% after disclosing a BTC allocation last year, while Indonesia’s DigiAsia Corp jumped 91% following plans to raise $100 million for Bitcoin purchases.

Growing trend in Norway

NBX joins a growing trend of public corporations adopting Bitcoin as part of their treasury strategy, especially in Norway.

Industrial conglomerate Aker ASA holds 1,170 BTC through its crypto subsidiary Seetee, while K33, a Norwegian brokerage, recently raised $6.2 million to begin acquiring Bitcoin.

Additionally, Norges Bank, Norway’s $1.7 trillion sovereign wealth fund, held an indirect exposure of over 3,800 BTC by the end of 2024 via its equity investments, according to data from Bitcointreasuries.net.

By positioning itself as a publicly traded Bitcoin-exposed vehicle, NBX may attract capital from institutions restricted to investing in Norwegian equities but seeking BTC exposure.

The firm 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 next steps.

Founded in 2018, NBX is licensed and regulated in Norway and provides trading, custody, and blockchain services across the Nordic region.