Lunde's analysis examines the specific reasons for NBIM's growing indirect influence on bitcoin
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The increase in MicroStrategy's share: from 0.67% to 0.89%. MicroStrategy, a leading business intelligence company, is a prominent corporate supporter of #bitcoin and has accumulated a significant #MarketDownturn treasury.
Increase in MicroStrategy's BTC holdings: the company increased its bitcoin holdings by 37,181 BTC in H1 2024.
Impact on Marathon Digital: from 0% to 0.82%; Marathon Digital is a well-known bitcoin #mining company that has accumulated BTC on its balance sheet. Increased stake in Coinbase: from 0.49% to 0.83%. Indirectly increased stake in NBIM bitcoin exchange due to the growing recognition of #Coinbase as the largest #cryptocurrency exchange in the U. S.
Increased stake in Block Inc (formerly Square): from 1.09% to 1.28%. The financial services and digital payments company, co-founded by Jack Dorsey, supports integration into the bitcoin ecosystem.
While NBIM's indirect involvement in BTC may not be the result of a deliberate cryptocurrency accumulation strategy, as analysts suggest, the fund's growing involvement in BTC is a clear indication of the growing adoption of BTC for diversification and growth among countries and funds around the world.
As more traditional financial institutions and sovereign wealth funds follow suit, the future integration of bitcoin into the global financial system appears to be on a steady trajectory, supporting both the price of the token and the overall exposure of other institutions to the cryptocurrency market.
At the time of writing, the largest cryptocurrency on the market was trading at $59,490 and lost the $60,000 mark again after repeatedly failing to gain a foothold above $60,000, which is a critical level for the future of BTC.
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