The post Norway’s Sovereign Wealth Fund Ramps Up Indirect Exposure to Bitcoin appeared on BitcoinEthereumNews.com.

The average Norwegian “owns” $27 worth of Bitcoin indirectly as of the first half 2024, thanks to investments made by the country’s sovereign wealth fund. According to K33Research, the Norwegian sovereign wealth fund (NBIM) now has indirect exposure to 2,446 BTC through investments in tech firms with exposure to the cryptocurrency. Its “holdings,” worth just over $143 million, have increased by 938 BTC since December 31, 2023. The $1.7 trillion Norges Bank Investment Management fund invests the country’s sizable oil revenues on behalf of the Norwegian population of 5.5 million. Vetle Lunde, a senior analyst at K33Research, said that the country’s exposure to Bitcoin via its flagship wealth fund is “unlikely to stem from an intentional choice.” Lunde argued that if the country intended to increase its Bitcoin exposure, “we’d see more evidence of direct exposure initiatives (and significantly larger exposure).” The Norwegian sovereign wealth fund (NBIM) indirectly owns 2,446 BTC, an increase of 938 BTC from December 31, 2023. The growth likely originates from pre-determined algo-based sector weighting and risk diversification. It’s unlikely to stem from an intentional choice to amass… pic.twitter.com/8HBIbemgNU — Vetle Lunde (@VetleLunde) August 14, 2024 Instead, the wealthy Northern European country’s growing exposure to Bitcoin comes from rising allocations in companies like MicroStrategy, Block and Marathon Digital, who hold large amounts of Bitcoin in their corporate treasuries. Software firm MicroStrategy is currently one of the world’s largest single Bitcoin holders under the leadership of its chair Michael Saylor. Norway increased its holdings of MicroStrategy stock from 0.67% to 0.89% in the first half of 2024, while MicroStrategy increased its Bitcoin exposure by 37,181 Bitcoin over the same period. The wealth fund also poured money into mining firm Marathon Digital, with its exposure moving from 0% to 0.82% in H1 2024, crypto exchange Coinbase (from 0.49%…

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Filed under: News - @ August 17, 2024 9:24 pm