The crypto exchange NBX last year traded close to $1.1 billion worth of crypto, but continues to lose money. The operating profit in 2024 was minus 24.2 MNOK compared to minus 27.1 MNOK the previous year.
In a shareholder letter, CEO Stig Aleksander Kjos-Mathisen writes that NBX in 2024 “continued to improve our platform and expand our services” and that he is also “confident in our strategic direction.”
The total trading volume in crypto last year amounted to 1,085 billion NOK, against 480 MNOK in 2024 and 629 MNOK in 2023. As with all other crypto exchanges and brokers in the Nordic countries, the fourth quarter of last year produced record turnover. In November alone, NBX had a turnover of 171 MNOK, which is the highest monthly turnover since the establishment of NBX.
For someone who has been following NBX for a while, it may have been somewhat difficult to get a grip on what NBX is left with by book revenue, based on the high trading volume. Kjos-Mathisen confirms to Kaupr that NBX from 2024 has changed the definition of revenue to “better reflect its core business”.
Revenue, which in 2024 amounted to NOK 16.2 million compared to NOK 9.2 million the previous year, now includes commission on the trading platform, OTC trading, staking, as well as custody and compliance services. Other operating income, which is primarily related to the NBX card, amounted to MNOK 1.8 million in 2024 compared to MNOK 0.4 million in the previous year. The booked operating income thus increased from NOK 9.6 million in 2023 to NOK 18 million in 2024.
Although labor costs in NBX are stable, total costs continue to increase, especially related to other costs and development of the NBX card. This means that the operating profit is still negative with minus 24.2 MNOK compared to minus 27.1 MNOK in 2023.
In order to continue operations and develop the service further, NBX has raised fresh capital three times in 2024, totaling MNOK 32. The last issue was in November 2024, when the company raised NOK 17 million, under what the company describes as demanding market conditions. NBX has also secured financing through convertible loans and a MNOK 100 credit facility.
We at Kaupr will return with more information about NBX's development.
The crypto exchange NBX last year traded close to $1.1 billion worth of crypto, but continues to lose money. The operating profit in 2024 was minus 24.2 MNOK compared to minus 27.1 MNOK the previous year.
In a shareholder letter, CEO Stig Aleksander Kjos-Mathisen writes that NBX in 2024 “continued to improve our platform and expand our services” and that he is also “confident in our strategic direction.”
The total trading volume in crypto last year amounted to 1,085 billion NOK, against 480 MNOK in 2024 and 629 MNOK in 2023. As with all other crypto exchanges and brokers in the Nordic countries, the fourth quarter of last year produced record turnover. In November alone, NBX had a turnover of 171 MNOK, which is the highest monthly turnover since the establishment of NBX.
For someone who has been following NBX for a while, it may have been somewhat difficult to get a grip on what NBX is left with by book revenue, based on the high trading volume. Kjos-Mathisen confirms to Kaupr that NBX from 2024 has changed the definition of revenue to “better reflect its core business”.
Revenue, which in 2024 amounted to NOK 16.2 million compared to NOK 9.2 million the previous year, now includes commission on the trading platform, OTC trading, staking, as well as custody and compliance services. Other operating income, which is primarily related to the NBX card, amounted to MNOK 1.8 million in 2024 compared to MNOK 0.4 million in the previous year. The booked operating income thus increased from NOK 9.6 million in 2023 to NOK 18 million in 2024.
Although labor costs in NBX are stable, total costs continue to increase, especially related to other costs and development of the NBX card. This means that the operating profit is still negative with minus 24.2 MNOK compared to minus 27.1 MNOK in 2023.
In order to continue operations and develop the service further, NBX has raised fresh capital three times in 2024, totaling MNOK 32. The last issue was in November 2024, when the company raised NOK 17 million, under what the company describes as demanding market conditions. NBX has also secured financing through convertible loans and a MNOK 100 credit facility.
We at Kaupr will return with more information about NBX's development.
