According to Cointelegraph: The world’s largest sovereign wealth fund, Norway's Government Pension Fund, has seen a significant increase in its indirect Bitcoin exposure, now valued at over $144 million. However, according to K33 Research senior analyst Vetle Lunde, this increase may not have been a deliberate strategy by the fund.

In an August 14 post on X, Lunde suggested that the growth in Bitcoin exposure is likely due to pre-determined algorithmic sector weighting and risk diversification, rather than a conscious effort to amass more Bitcoin. Lunde stated, "If it were a deliberate move to increase Bitcoin exposure, there would be more evidence of direct exposure initiatives."

The fund's indirect Bitcoin holdings have surged by 160.7% since December 2023, with the fund now holding approximately 2,446 Bitcoin, valued at around $144.8 million. This increase came through expanding shareholdings in Bitcoin-holding companies, such as Michael Saylor’s MicroStrategy, which now accounts for 0.89% of the fund's total portfolio.

In addition to MicroStrategy, the fund has also increased its investments in cryptocurrency exchange Coinbase, Jack Dorsey’s fintech firm Block (formerly Square), and has initiated a new stake in Bitcoin mining company Marathon Digital. Lunde emphasized that this growth illustrates how Bitcoin is becoming a more mature asset, increasingly integrated into diversified investment portfolios.

As a result of these investments, each Norwegian citizen indirectly owns approximately $27 worth of Bitcoin, Lunde pointed out.

In related news, South Korea’s National Pension Service, the third-largest public pension fund globally, recently purchased nearly $34 million worth of shares in MicroStrategy, further highlighting the growing institutional interest in Bitcoin.