Norway’s $1.7 trillion sovereign wealth fund (NBIM) has increased its indirect exposure to Bitcoin (BTC) to 2,446 coins by investing in crypto companies such as Coinbase, Marathon Digital and MicroStrategy.
NBIM’s indirect exposure has risen from 938 BTC at the end of December to 2,446 BTC. This increase is the result of the NBIM upping its exposure to some of the biggest businesses in the Web3 space, according to Lunde.
”It perfectly illustrates how bitcoin is maturing as an asset and getting woven into any well-diversified portfolio,” said K33 Research analyst Vetle Lunde in an Aug. 14 post on X.
NBIM Allocates More Capital To Marathon, Microstrategy And Block Inc.
The fund’s exposure to MicroStrategy, which is currently under the leadership of Bitcoin advocate Michael Saylor, has risen from 0.67% to 0.89%.
During the first half of the year, MicroStrategy also added 37,181 BTC to its reserves, which contributed to the NBIM’s indirect exposure to the leading crypto.
Other factors that added to the NBIM’s indirect BTC exposure include the 0.82% increase in capital allocated to Marathon Digital.
During the same time, the sovereign wealth fund also upped its exposure to Coinbase from 0.49% to 0.83%, while also increasing its allocation to Block Inc. from 1.09% to 1.28%.
NBIM Indirect Exposure To Bitcoin Not “Intentional”
Lunde said that the growth in the NBIM’s indirect exposure to BTC “likely originates from pre-determined algo-based sector weighting and risk diversification.”
He added that it’s “unlikely to stem from an intentional choice to amass exposure.”
If the NBIM were deliberately looking to increase its capital allocation to BTC , its exposure would be “significantly larger,” according to Lunde.
Nevertheless, the analyst believes that the NBIM’s current investments “show how bitcoin is maturing as an asset.”
Related Articles:
- Best Altcoins to Invest In: Unveiling Top Picks for Maximum Returns!
- PlayDoge Announces ICO End With Over $6 Million Raised, Reveals Alpha Footage Of Mobile Game
- Next Cryptocurrency to Explode Sunday, August 18 — Klaytn, SuperRare, Lido DAO, GALA
