Norwegian Crypto Exchange Soars After Bitcoin Treasury Announcement

Shares of Norwegian Block Exchange (NBX) surged over 138% on June 2nd after the company announced it was acquiring Bitcoin and building a plan to create a stablecoin. The exchange purchased $633,700 worth of BTC, with plans to reach 10 Bitcoin by month’s end. Discussions are underway for additional capital for further Bitcoin purchases. This bold move coincides with the rise in NBX stock as investors anticipate the platform’s adoption of Bitcoin for a range of purposes. The company intends to utilize its newly acquired Bitcoin holdings to launch USDM, a stablecoin on the Cardano blockchain and generate yield within that ecosystem.