He Norwegian Government Pension Fund Global (NBIM)considered the largest sovereign pension fund in the world, exponentially multiplied its indirect exposure to Bitcoin (BTC) in the last two years. He did so by investing in shares of companies that typically include the main cryptocurrency in their portfolios.
Specifically, NBIM indirectly holds 2,446 Bitcoins, an increase of 938 Bitcoins since December 31, 2023, bringing the total to 2,446 BTC at the end of the first half of 2024, which is an increase of 62% year-to-date. Also, Compared to 2022, the jump was 755%.
Thus, the strategy of incorporating Bitcoin into corporate treasuries – initiated by entrepreneurs such as Michael Saylor of Microstrategy in 2021 – is influencing the paths taken by traditional institutional investors.
In this regard, the Norwegian Pension Fund recently increased its stake in MicroStrategy, from 0.67% to 0.89%. This happened at the same time that the firm in question increased its Bitcoin holdings by 37,181 BTC in the first half of 2024, as reported by the CriptoNoticias portal.
The NBIM also had a First exhibition at Marathon Digitala well-known Bitcoin mining company. Exposure grew from 0% to 0.82%. In the case of Coinbase, one of the largest exchanges, exposure increased from 0.49% to 0.83%. Something similar happened with Block Inc, where NBIM increased its stake from 1.09% to 1.28%.
At the end of the first half of 2024, the Norwegian fund’s indirect Bitcoin exposure translated, for comparison, into 44,476 satoshis (sats) per capita, equivalent to approximately US$27 dollars.
This development is seen as a sign of the growing acceptance and integration of Bitcoin into traditional investment portfolios, underlining its Maturity as a safe haven assetaccording to analyst Vetle Lunde.
He The Norwegian Pension Fund was created in 1990 to ensure the sustainable use of revenues from the Nordic country’s hydrocarbon activity.Its goal is to safeguard and create financial wealth for future generations, which is why its entry into the cryptocurrency market becomes relevant.
All surplus revenues from Norwegian oil production are transferred to this Fund and invested in equities, fixed income, real estate and renewable energy infrastructure. The so-called largest sovereign wealth fund in the world is valued at 17.7 trillion krona (US$1.6 trillion).
Source: Ambito
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