Shares in Norwegian Block Exchange (NBX) surged 138% on June 2 after the crypto exchange announced it purchased 6 Bitcoin and plans to acquire more. The Norway-based exchange's stock closed at 0.033 euros ($0.038) following the announcement.
NBX acquired 6 Bitcoin, valued at $633,700, and intends to increase its holdings to 10 BTC by the end of June. The company is also exploring raising additional capital for further Bitcoin acquisitions, according to the announcement on June 2.
The acquired Bitcoin will be used as collateral for USDM, a stablecoin on the Cardano blockchain, and to generate yield within the Cardano ecosystem. NBX aims to leverage Bitcoin to enhance operational efficiency and attract capital from crypto-interested companies.
Other companies have also seen stock price increases after announcing Bitcoin buying plans. For example, Paris-based Blockchain Group's stock spiked 225% after it started buying Bitcoin on November 5.
Corporate Bitcoin treasuries collectively hold over three million Bitcoin, worth over $342 billion, according to Bitbo data.