An under-the-radar stock has skyrocketed 150% in one day after announcing plans to accumulate Bitcoin (BTC) as a treasury asset.
In a press release, the Norway-based crypto exchange Norwegian Block Exchange (NBX) says it has started buying Bitcoin to hold on its balance sheet.
[adinserter block="1"]“As part of the initial allocation, the company has obtained six Bitcoin and will expand to approximately 10 within June. This will allow for a limited proof of concept.”
The company says it will use Bitcoin as collateral to issue USDM, a stablecoin on the Cardano (ADA) blockchain, and “generate yield on both the Bitcoin and within the Cardano and USDM ecosystems.”
“NBX will not sell this Bitcoin or go short in any form… NBX will also use proceeds to buy additional Bitcoin.”
The company also says that “Bitcoin is becoming an important part of the global financial infrastructure” and that launching a Bitcoin treasury will not only help with operational efficiency but also attract investors looking for exposure to the flagship crypto asset.
Amid the announcement, NBX shares soared from a low on June 2nd of 0.021 euros ($0.024) to 0.053 euros ($0.060) on June 3rd, an increase of about 150%.
Founded in 2018, NBX says the BTC treasury is the latest effort to increase adoption of digital assets, highlighting how it has already issued the first credit card in the world that rewards customers with BTC for each transaction.
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