The Norwegian sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin, now holding 2,446 BTC, according to recent disclosures. This represents a notable rise of 938 BTC from December 31, 2023.
The increase in holdings appears to be driven by algorithm-based sector weighting and risk diversification strategies, rather than a deliberate move to gain direct Bitcoin exposure. If the fund had aimed to increase its Bitcoin allocation intentionally, a more pronounced direct exposure or direct investment in Bitcoin would likely be evident.
This growth highlights Bitcoin’s ongoing evolution as a mainstream asset class, becoming an integral part of diversified investment portfolios. As part of its corporate Bitcoin treasury strategy, which has been notably advanced by industry figures such as Michael Saylor, Jack Dorsey, and Fred Thiel, the Norwegian fund’s indirect per capita Bitcoin exposure reached 44,476 satoshis, equivalent to approximately $27 by the end of the first half of 2024.
The increase in indirect Bitcoin exposure is attributed to several factors:
- MicroStrategy: The fund’s exposure to MicroStrategy grew from 0.67% to 0.89%, with MicroStrategy itself increasing its Bitcoin holdings by 37,181 BTC in the first half of 2024.
- Marathon Digital: Exposure to Marathon Digital expanded from 0% to 0.82%.
- Coinbase: The fund’s stake in Coinbase rose from 0.49% to 0.83%.
- Block Inc: The fund’s investment in Block Inc increased from 1.09% to 1.28%.
These changes reflect Bitcoin’s growing acceptance and integration into traditional investment strategies, underscoring its maturation as a significant asset class.
