$BTC bullish trend coming soon?
An analyst claims that Norway’s sovereign wealth fund’s significant increase in indirect Bitcoin exposure, now worth over $144 million, may not have been a deliberate strategy.
“The growth is likely to be a result of pre-determined algo-based sector weighting and risk diversification, and is unlikely to be a deliberate choice to accumulate exposure,” K33 Research senior analyst Vetle Lunde explained in an Aug. 14 X post following the release of the Norwegian Government Pension Fund’s first-half 2024 financial report.
The firm also increased its stakes in cryptocurrency exchange Coinbase and Jack Dorsey’s fintech firm Block (formerly Square), and also began investing in Bitcoin mining company Marathon Digital.
As a result, every Norwegian citizen essentially indirectly owns $27 worth of Bitcoin, Lunde added:
“Norway’s indirect satellite exposure per capita reached 44,476 satellites ($27) by the end of H1 2024.”