Norway’s $1.7T Wealth Fund Increases Indirect Bitcoin Exposure By 2.6x Via Crypto Company Investments
Norway’s $1.7 trillion sovereign wealth fund (NBIM) has increased its indirect exposure to Bitcoin (BTC) to 2,446 coins by investing in crypto companies such as Coinbase, Marathon Digital and MicroStrategy. NBIM’s indirect exposure has risen from 938 BTC at the end of December to 2,446 BTC. This increase is the result of the NBIM upping its exposure to some of the biggest businesses in the Web3 space, according to Lunde. ”It perfectly illustrates how bitcoin is maturing as an asset and getting woven into any well-diversified portfolio,” said K33 Research analyst Vetle Lunde in an Aug. 14 post on X. NBIM Allocates More Capital To Marathon, Microstrategy And Block Inc. The fund’s exposure to MicroStrategy, which is currently under the leadership of Bitcoin advocate Michael Saylor, has risen from 0.67% to 0.89%. During the first half of the year, MicroStrategy also added 37,181 BTC to its reserves, which contributed to the NBIM’s indirect exposure...