[The world’s largest sovereign wealth fund did not “intentionally” invest in Bitcoin]
Norway’s sovereign wealth fund’s indirect holdings of Bitcoin have increased significantly and are now valued at more than $144 million, but this may not be a deliberate strategy, according to an analyst. K33 Research senior analyst Vetle Lunde pointed out on August 14 that this growth may come from algorithm-based industry weighting and risk diversification strategies, rather than actively increasing Bitcoin holdings.
Lunde explained that since December 2023, the fund’s indirect Bitcoin holdings have increased by 160.7% and currently hold 2,446 Bitcoins worth approximately $144.8 million. He believes this demonstrates the maturity of Bitcoin as an asset and its gradual inclusion in diversified investment portfolios.
This increase in indirect holdings mainly comes from the fund’s expansion of investments in companies that hold Bitcoin. For example, it increased its stake in Michael Saylor's MicroStrategy to 0.89%, added to its stakes in Coinbase and Block (formerly Square), and even started investing in Bitcoin mining company Marathon Digital.
Lunde added that each Norwegian actually indirectly holds about $27 in Bitcoin. This equates to 44,476 sat per person as of the end of the first half of 2024.
Additionally, on August 16, Cointelegraph reported that South Korea’s National Pension Service (NPS) also purchased nearly $34 million worth of MicroStrategy shares, further demonstrating the increased interest in crypto assets from global public funds.
