1. Increased Investment in Marathon, MicroStrategy, and Block Inc.
2. Indirect Bitcoin Holdings Not Intentional
3. Analysts' Opinions

Norway’s $1.7 trillion sovereign wealth fund has increased its indirect Bitcoin holdings to 2,446 coins by investing in companies like Coinbase, Marathon Digital, and MicroStrategy.

Increased Investment in Marathon, MicroStrategy, and Block Inc.

The fund’s exposure to MicroStrategy, under the leadership of Bitcoin advocate Michael Saylor, has risen from 0.67% to 0.89%. Additionally, MicroStrategy added 37,181 BTC to its reserves in the first half of the year, further contributing to the fund’s indirect Bitcoin exposure. In the same period, the fund increased its investment in Marathon Digital by 0.82%. It also raised its allocation to Coinbase from 0.49% to 0.83% and to Block Inc. from 1.09% to 1.28%.

Indirect Bitcoin Holdings Not Intentional

K33 Research analyst Vetle Lunde stated that the increase in the fund’s indirect Bitcoin exposure likely originates from pre-determined algorithmic sector weighting and risk diversification, rather than a deliberate choice to amass holdings. Lunde noted that the fund’s Bitcoin exposure would be significantly larger if it were intentional.

Analysts' Opinions

Analyst Vetle Lunde also remarked, 'The increase in indirect Bitcoin holdings perfectly illustrates how Bitcoin is maturing as an asset and getting woven into any well-diversified portfolio.'

The update on investment allocations by Norway’s sovereign wealth fund highlights a significant increase in its indirect Bitcoin holdings, indicating Bitcoin's position as a maturing asset.