The Norwegian Sovereign Wealth Fund (NBIM) indirectly held 3,821 BTC, worth NOK 4 billion, at the end of 2024. This is a 153% increase compared to the inventory at the end of 2023.
The figures emerge from an analysis compiled by K33 Research. The increase in BTC has been 1,375 BTC since June 30, 2024, and an annual growth of 2,314 BTC compared to the holdings at the end of 2023. Nicolai Tangen (see the image), is the CEO of NBIM.
According to Vetle Lunde of K33 Research, who has shared the figures on Twitter, it is important to stress that this exposure likely stems from rules-based sector weighting rather than a conscious choice to prioritise BTC exposure.
NBIM's indirect exposure is one of the strongest examples of how BTC sneaks into any well-diversified portfolio, and its growth is proof that the market is maturing and that BTC is ending up in any well-diversified portfolio, intentional or not.
While Lunde assumes that NBIM's indirect exposure is a result of sector weighting, it is very interesting to note the increased exposure in RIOT, and in particular Metaplanet JP.
Lunde had also expected NBIM's MSTR exposure to be significantly lower following their 21/21 plan.
Thanks to companies' BTC treasury strategies promoted by Michael Saylor at Micro Strategy and others, the Norwegian indirect sat per capita exposure stood at 68,837 sat ($64) at the end of 2024.
NBIM's indirect BTC exposure in USD terms grew from $23m in 2020 to $356m in 2024. By the end of 2024, NBIM had an indirect BTC exposure of NOK 4 billion
The Norwegian Sovereign Wealth Fund (NBIM) indirectly held 3,821 BTC, worth NOK 4 billion, at the end of 2024. This is a 153% increase compared to the inventory at the end of 2023.
The figures emerge from an analysis compiled by K33 Research. The increase in BTC has been 1,375 BTC since June 30, 2024, and an annual growth of 2,314 BTC compared to the holdings at the end of 2023. Nicolai Tangen (see the image), is the CEO of NBIM.
According to Vetle Lunde of K33 Research, who has shared the figures on Twitter, it is important to stress that this exposure likely stems from rules-based sector weighting rather than a conscious choice to prioritise BTC exposure.
NBIM's indirect exposure is one of the strongest examples of how BTC sneaks into any well-diversified portfolio, and its growth is proof that the market is maturing and that BTC is ending up in any well-diversified portfolio, intentional or not.
While Lunde assumes that NBIM's indirect exposure is a result of sector weighting, it is very interesting to note the increased exposure in RIOT, and in particular Metaplanet JP.
Lunde had also expected NBIM's MSTR exposure to be significantly lower following their 21/21 plan.
Thanks to companies' BTC treasury strategies promoted by Michael Saylor at Micro Strategy and others, the Norwegian indirect sat per capita exposure stood at 68,837 sat ($64) at the end of 2024.
NBIM's indirect BTC exposure in USD terms grew from $23m in 2020 to $356m in 2024. By the end of 2024, NBIM had an indirect BTC exposure of NOK 4 billion