![World’s largest sovereign wealth fund Bitcoin exposure not ‘intentional’ World’s largest sovereign wealth fund Bitcoin exposure not ‘intentional’](https://images.cointelegraph.com/images/840_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjQtMDgvZmU4NTkwNWMtYzRjYy00YjBiLWIzZTItNjYyZDVlNDkzYmJkLmpwZw==.jpg)
World’s largest sovereign wealth fund Bitcoin exposure not ‘intentional’
If the fund was aiming to increase its Bitcoin exposure, there would be more “evidence of direct exposure initiatives,” according to an analyst.
An analyst has claimed that the Norwegian sovereign wealth fund’s significant increase in indirect Bitcoin exposure, now valued at over $144 million, may not have been a deliberate strategy.
“The growth likely originates from pre-determined algo-based sector weighting and risk diversification, it’s unlikely to stem from an intentional choice to amass exposure,” K33 Research senior analyst Vetle Lunde explained in an Aug. 14 X post following the release of the Government Pension Fund of Norway’s first half of 2024 financial report.
Lunde explained that if it were a deliberate move to expose the fund to more Bitcoin (BTC), there would be more “evidence of direct exposure initiatives.” Through changes in share allocations and new purchases, the fund increased its indirect Bitcoin ownership by 160.7% since December 2023, now holding 2,446 Bitcoin valued at around $144.8 million at the time of publication.
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Author: Ciaran Lyons