The board of Norwegian Block Exchange states in its 2025 annual report that the company expects to achieve a positive operating result, after recording losses every year since its founding in 2018.
Norwegian Block Exchange (NBX), listed on Oslo Stock Exchange Euronext Growth, has never delivered a positive annual result. That makes the board's conclusion in the audited 2025 accounts all the more significant: «Based on the documented positive revenue trend, the imminent launch of new scalable products, and the expected profitability of associated companies, the Board anticipates the company to achieve a positive operating result in the future.»
In the notes to the accounts, the board specifies that it expects a positive result as early as the fourth quarter of 2026.
NBX is an Oslo-based financial technology company offering trading, custody and stablecoin services. The company is led by CEO Stig Aleksander Kjos-Mathisen, is registered with the Norwegian Financial Supervisory Authority and employs 17 people across seven countries.
The 2025 figures show a clear change of direction. The operating result improved from minus NOK 24.3 million in 2024 to minus NOK 21.1 million in 2025, while the net loss after tax fell from NOK 23.2 million to NOK 14.5 million — an improvement of nearly 38 percent. Operating revenues grew 17 percent to NOK 21 million, while total operating expenses fell by one percent despite expansion across products and services.
The company notes that revenues are now growing faster than costs for the first time, and that new revenue streams from stablecoins, payment cards and the recently acquired Flip wallet app are expected to contribute to further improvement in 2026.
NBX is the sole European issuer of USDM, a dollar stablecoin issued in partnership with Moneta on the Cardano blockchain. Stablecoins are digital tokens pegged to the value of a traditional currency, used for payments and transfers without going through conventional banks. NBX has so far minted around 4.6 million USDM, and the company plans to launch equivalent products in euro and Polish zloty in 2026 through a partnership with Polish payment institution Fizen.
In August 2025 the company applied for a CASP licence — authorisation to provide crypto asset services — under the EU's MiCA framework, which entered into force in Norway on 1 July 2025. MiCA is the EU's regulatory framework for crypto assets, and the licence will give NBX the right to operate across the entire EEA. Early in 2026 the company also initiated the application process for a specialised banking licence in Latvia, with the aim of becoming a fully licensed digital asset bank in Europe.
NBX became Norway's first publicly listed company to adopt bitcoin as part of its financial strategy in June 2025. At year end, NBX held 19.2 BTC on its balance sheet, acquired at an average price of NOK 922,532 per bitcoin. The company added a further 9.1 BTC in the first quarter of 2026.
Total assets increased by nearly 20 percent to NOK 176 million, and equity strengthened from NOK 73 million to NOK 86 million following a series of capital transactions during the year.
NBX acknowledges in its annual report that growth is being constrained by intensifying competition. Norwegian and international players including DNB, Nordnet and Pareto have begun offering exposure to digital assets, and foreign crypto exchanges holding MiCA licences from other European countries have been able to market themselves in Norway while Norwegian operators still await licence approval. The company nonetheless believes that tightening regulatory requirements in 2026 will force smaller players out of the market and strengthen the position of those already in the MiCA process.