Indirect Bitcoin Exposure in Norway’s Sovereign Wealth Fund Hits Record: 86% From MicroStrategy

Norway’s sovereign wealth fund’s indirect Bitcoin (BTC) exposure hit a record high in the first half of 2024, reaching 11,549 BTC, with MicroStrategy accounting for 86% of this position.

The indirect Bitcoin exposure in the portfolio of Norges Bank Investment Management (NBIM), the investment arm of the Norwegian Central Bank, reached a value of approximately $725 million as of June 30, according to calculations by K33 Research Head Vetle Lunde.

Exposure increased by 21.2% in the first half of the year and 60.5% over the last 12 months. Thus, the indirect Bitcoin exposure of NBIM, one of the world’s largest sovereign wealth funds, grew for the sixth consecutive period. Managing approximately $2.4 trillion in assets, the fund’s Bitcoin-linked investments accounted for only 0.03% of its total assets.

MicroStrategy Accounted for Most of the Bitcoin Exposure

According to K33 data, 86% of NBIM’s indirect Bitcoin exposure, or 9,914 BTC, comes from MicroStrategy shares. While the fund owns 1.17% of MicroStrategy’s shares, the value of this investment as of June 30 was calculated at approximately $357.3 million.

Contributions from other companies were 671 BTC in Metaplanet, 421 BTC in MARA, 183 BTC in Coinbase, 120 BTC in Block, and 97 BTC in Tesla. NBIM’s highest ownership rate on a company basis is in Metaplanet, with the fund holding 1.56% of the company’s shares.

NBIM Took an Indirect Ether Position for the First Time

NBIM’s recent disclosures also showed that indirect Ether (ETH) exposure was established for the first time through Bitmine shares. As of June 30, the fund owned 6.15 million shares of Bitmine. This stake, valued at approximately $88.3 million, corresponded to 1.16% of the company and provided an indirect exposure of approximately 67,340 ETH, valued at $126.3 million.