How the agreement with LDA Capital works

The agreement with LDA Capital, an investment firm based in Los Angeles, was signed on 30 September 2022 and gave NBX the right to raise up to NOK 100 million in equity over several years. The arrangement is what is known as a put option agreement, resembling what in traditional finance is called a committed equity facility — an ongoing credit line in shares rather than debt, where the company itself, not the investor, decides when to draw down.

When NBX wants to raise capital, it sends LDA a put option notice for a given number of shares. A pricing period then follows in which the price is set, before LDA is obligated to subscribe for the shares at the resulting price. NBX states that the company fully controls the dilution through its right to set a minimum price for each drawdown.

The shares LDA uses in the market before the formal capital increase is registered are in practice a loan: Observatoriet Invest AS, a company linked to board member Bjørn Kjos, has supplied shares to LDA as a bridge, which are returned once the new shares are formally issued. The arrangement repeats for each round, with no interest or fee on the share loan itself.

From one drawdown in 2023 to regular rounds

The first round came in November 2023 and stood alone for over a year. When NBX extended its agreement with LDA by three years in June 2025, the company simultaneously drew one million euros to buy ten bitcoin — and since then, rounds have followed closely, roughly every other month. A board resolution in November 2025 formalised the first rounds after the extension, by which point share capital had increased to 262,332,751 shares.

Funds go toward bitcoin and regulatory requirements

Over time, the rationale for the rounds has become clearer in the announcements: one round in spring 2026 was tied directly to a bitcoin purchase, while later rounds have been justified by the need to meet capital requirements for the e-money licence and the forthcoming CASP authorisation under MiCA. A stock exchange announcement in July 2026 shows that three rounds together generated almost 22 million new shares, taking share capital to 366,419,032 shares.

Price has fallen toward the end of the sequence

The price LDA has paid per share has ranged between NOK 0.38 and NOK 0.78 across the rounds, and the latest round — closed on 3 November 2026 — produced the lowest price of them all, NOK 0.47. In total, NBX has raised at least NOK 34 million through the rounds where both share count and price are disclosed in the company's announcements; for some of the ten rounds, these figures are not disclosed separately.