$144M Bitcoin Exposure by World’s Largest Sovereign Wealth Fund Likely Not Intentional

Norway’s Government Pension Fund increased its indirect Bitcoin exposure to $144 million, raising questions about whether this exposure was intentional or a byproduct of broader investment strategies.

$144 Million Bitcoin Exposure by Norwegian Fund

The Norwegian sovereign wealth fund's indirect Bitcoin exposure has grown substantially, reaching over $144 million, although an analyst has suggested that this may not have been a strategic decision.

In a post dated August 14th, K33 Research senior analyst Vetle Lunde elaborated on the following following the publication of the financial report for the first half of 2024 by the Government Pension Fund of Norway:

According to Lunde, greater "evidence of direct exposure initiatives" would be present if the goal was to increase the fund's exposure to Bitcoin.

160% Increase in Bitcoin Holdings Due to Investment Changes

At the time of publication, the fund held 2,446 Bitcoin valued at about $144.8 million, a rise of 160.7% from its indirect ownership in December 2023. This increase was achieved by adjustments in share allocations and fresh purchases.

According to him:

“It perfectly illustrates how Bitcoin is maturing as an asset and getting woven into any well-diversified portfolio.”

Expanding its investment in companies that hold Bitcoin increased its indirect exposure, as pointed out by Lunde. The investment vehicle bumped up its stakes of MicroStrategy, Michael Saylor's platform, to 0.89 percent of its overall assets.

It also began investing in Bitcoin mining company Marathon Digital, boosted its holdings in cryptocurrency exchange Coinbase, and joined Jack Dorsey's fintech startup Block (previously Square).

Norwegian Citizens Have Indirect Bitcoin Exposure

So, every Norwegian basically has $27 worth of Bitcoin in an indirect way, Lunde chimed in:

“The Norwegian indirect sat per capita exposure stood at 44,476 sats ($27) by the end of H1 2024.”

South Korea's National Pension Service, the world's third-largest public pension fund, reportedly spent approximately $34 million on MicroStrategy shares on August 16th, according to Cointelegraph.

On August 13, the fund paid $33.75 million for 24,500 shares in MicroStrategy, according to a filing with the US Securities and Exchange Commission.

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