NBX acquires 50% stake in Flip Company, expands wallet offering

Norwegian Block Exchange AS (NBX) has acquired 50% of Flip Company AS from Autonomous Investments AS for a consideration of MNOK 4.4. Payment will be made through subscribing for new shares in NBX, with the subscription price based on the VWAP of NBX shares on Euronext Growth Oslo during an 8-week period prior to closing. Closing is expected in November 2025, contingent on NFSA approval for the share capital increase.

This acquisition strategically integrates Flip Company’s non-custodial wallet app, which boasts approximately 1 million downloads, into NBX’s regulated digital asset platform. Users of the Flip App will gain direct access to NBX services, combining regulated custodial services with non-custodial ease of use. This move aligns with NBX’s investments in stablecoins, noting the market's 10X growth to over $220 bn in circulation over the last five years.

As part of the transaction, the seller will receive warrants to acquire additional shares, exercisable for 12 months from closing. The exercise price will be the VWAP for a 2-week period prior to exercise, less a 30% discount, with a minimum of the subscription price plus 25%. The global non-custodial wallet market was valued at $3.5 bn in 2024.