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Norway’s sovereign fund indirectly owns 557.6 BTC via its investment in a business intelligence firm

The world's largest sovereign fund indirectly owns some cryptocurrency.

Image by digital designer from Pixabay

Mon, 21 Sep 2020, 08:52 am UTC

With over a trillion dollars in assets, the Norwegian Government Pension Fund is the world’s largest sovereign wealth fund. But aside from owning 1.4 percent of the world’s stocks and shares, the fund also owns some cryptocurrency.

To be exact, the Norwegian Government Pension Fund, which is also known as the Oil Fund, owns 577.6 Bitcoin (BTC), according to Cointelegraph. This was revealed by a recent Arcane Research report saying that the sovereign wealth fund indirectly owns the cryptocurrency through its investment holdings.

The Norwegian Oil Fund owns the Bitcoins via its investment in MicroStrategy, a business intelligence firm based in Virginia. The pension fund owns 1.51 percent of the firm, which means that it owns around 577.6 BTC, currently valued at around $6.3 million.

This was computed based on the revelation made by MicroStrategy founder Michael Saylor. In a tweet, Saylor confirmed that MicroStrategy recently acquired additional Bitcoin and currently owns 38,250 BTC.

“On September 14, 2020, MicroStrategy completed its acquisition of 16,796 additional bitcoins at an aggregate purchase price of $175 million,” Michael Saylor tweeted. “To date, we have purchased a total of 38,250 bitcoins at an aggregate purchase price of $425 million, inclusive of fees and expenses.”

Aside from Norway’s sovereign fund, two other investment advisory companies also own shares of MicroStrategy. BlackRock Fund Advisors own 15.24 percent of the firm making it the biggest shareholder in the intelligence firm while the Vanguard Group has an 11.72 percent stake.

This means that BlackRock, due to its stake in MicroStrategy, also indirectly owns 5,829.30 BTC, which is 15.24 percent of the firm’s 38,250 Bitcoins. On the other hand, the Vanguard Group indirectly owns 4,482.90 BTC, which is 11.72 percent of the total.

Cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) have been gaining acceptance among institutional investors lately. Back in July, crypto exchange, Coinbase released a report revealing that institutional investors have been using the platform to take positions on the crypto market. The company also noted that there has been a “noticeable uptick in institutional business’s growth” for the first half of 2020.

Many businesses are also starting to view cryptocurrency as a more dependable store of value compared to cash. For instance, Canada-based restaurant chain Tahini converted its reserve fiat to Bitcoin (BTC) as it sees the crypto to be a better alternative compared to cash.

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