Norway Fund Grows Bitcoin Holdings to 7,161 BTC

Norway's sovereign wealth fund recently disclosed that its indirect exposure to bitcoin has increased to 7,161 BTC (approximately $862.8 million) as of June 30, marking an 87.7% rise in the last six months and a staggering 192.7% over the past year, according to K33. Significant investments in firms like Strategy, Block, Coinbase, MARA, and Metaplanet are behind this surge. Lunde from K33 commented, 'NBIM's indirect BTC exposure has hit new highs with 7,161 BTC. This chart shows that BTC is becoming a staple in diversified portfolios, intentional or not.' The fund, officially known as the Government Pension Fund Global, is managed through Norges Bank Investment Management (NBIM) and holds around $1.5 trillion in assets. The report attributed the recent growth to the increasing number of companies integrating bitcoin into their balance sheets and both new and established firms aggressively accumulating bitcoin. Currently, the fund's bitcoin exposure equates to about 1,387 NOK ($138) per Norwegian citizen. Lunde predicted that most diversified investors likely have some indirect BTC exposure through their investments, a trend expected to grow as companies continue to add bitcoin to their holdings. Among the fund's holdings, Strategy leads with 1.05% ownership, which has significantly contributed to the fund's bitcoin exposure increase. The report also highlighted that while bitcoin has performed well in USD, it remains behind its previous highs in euros, with some resistance levels noted against the DXY dollar index. As of the latest update, bitcoin trades at $120,606, reflecting a 1.8% increase over the past 24 hours.