tl;dr
Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has quietly become a major holder of Bitcoin, owning 2,446 BTC, a significant increase from the end of 2023. Despite the passive nature of NBIM’s Bitcoin accumulation, the fund’s growing exposure to the cryptocurrency reflects...
Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), quietly holds 2,446 Bitcoin, indicating growing indirect exposure to cryptocurrency. The growth in NBIM’s indirect Bitcoin exposure is influenced by factors such as increased exposure in MicroStrategy, Marathon Digital, Coinbase, and Block Inc., reflecting a broader trend of Bitcoin adoption among traditional financial institutions and sovereign wealth funds.
Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has quietly become a major holder of Bitcoin, owning 2,446 BTC, a significant increase from the end of 2023. Despite the passive nature of NBIM’s Bitcoin accumulation, the fund’s growing exposure to the cryptocurrency reflects Bitcoin’s maturation as an asset class. The analysis also details NBIM’s indirect Bitcoin exposure, which has increased through various channels, indicating a broader trend of institutional adoption of Bitcoin for diversification and growth. This reflects the increasing integration of Bitcoin into the global financial system.
As Bitcoin adoption continues to gain momentum globally among countries and traditional financial (TradFi) institutions, Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has emerged as a stealth holder of the largest cryptocurrency on the market.
According to a recent analysis by K33 Research analyst Vetle Lunde, NBIM now indirectly owns 2,446 Bitcoin (BTC), representing a significant increase of 938 BTC from the end of 2023. Lunde explained that growth likely originates from pre-determined algo-based sector weighting and risk diversification.
Despite the passive nature of NBIM’s Bitcoin accumulation, the fund’s growing indirect exposure to the cryptocurrency underscores Bitcoin’s continued maturation as an asset class. Thanks to corporate BTC treasury strategies advanced by Michael Saylor, CEO and founder of Microstrategy, Jack Dorsey, and others, the Norwegian indirect sat per capita exposure stood at 44,476 sats ($27) by the end of the first half of 2024.
Lunde’s analysis delves into the specific drivers behind NBIM’s expanding indirect Bitcoin exposure:
- Increased MicroStrategy exposure: from 0.67% to 0.89%.
- MicroStrategy’s own BTC holdings growth: the company increased its Bitcoin exposure by 37,181 BTC in the first half of 2024.
- Exposure in Marathon Digital: from 0% to 0.82%.
- Increased exposure in Coinbase: from 0.49% to 0.83%.
- Increased exposure in Block Inc. (formerly Square): 1.09% to 1.28%.
While NBIM’s indirect BTC exposure may not be the result of a deliberate strategy to accumulate the cryptocurrency, as suggested by the analyst, the fund’s growing exposure to BTC is a clear indication of the increasing adoption of BTC for diversification and growth among countries and funds around the world.
As more traditional financial institutions and sovereign wealth funds follow suit, the future integration of Bitcoin into the global financial system appears to be on a steady trajectory, supporting both the token’s price and the overall exposure of other institutions to the crypto market.
When writing, the largest cryptocurrency on the market is trading at $59,490, again losing the $60,000 mark after repeated failed attempts to consolidate above this key level for BTC’s prospects.
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Industry: Manufacturing, Motor Vehicle Parts & Accessories
Market Cap: $2.71 billion
Dividend Yield: 5.11%
P/E Ratio: None
EPS: 18.92
52-Week High: $142.38
52-Week Low: $0.138
Revenue: $3.95 billion
Operating Margin: 13.83%
Return on Equity: 2.629
Debt/Equity: 0.032
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Support and resistance levels are critical concepts in technical analysis. They represent key price levels where a stock often reverses its direction. Identifying these levels can provide valuable insights for traders and investors.
Support level is a price level where a stock tends to find buying interest, preventing it from falling further. It indicates a potential opportunity to buy as the stock may rebound from this level.
Resistance level, on the other hand, is a price level where a stock tends to encounter selling pressure, preventing it from rising further. It suggests a potential opportunity to sell as the stock may pull back from this level.
Implications for Traders
Understanding support and resistance levels can help traders make informed decisions. If a stock price approaches a support level, it may be a good time to consider buying, anticipating a potential price bounce. Conversely, when a stock price nears a resistance level, it may be wise to consider selling, expecting a potential price retreat.
Key Takeaway
Incorporating support and resistance levels into technical analysis can enhance a trader's ability to identify entry and exit points with improved precision, ultimately aiding in the pursuit of favorable trading outcomes.
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Industry: REAL ESTATE & CONSTRUCTION
Sector: PATENT OWNERS & LESSORS
Market Cap: 4561418000
Current Price: 17.21
Dividend Yield: None
P/E Ratio: 0.9
EPS: 2.39
ROE: 0.511
Volume: 564954000
52-week Range: 22.69
Beta: 0.764
ATR: 0.775
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Industry: REAL ESTATE & CONSTRUCTION
Sector: PATENT OWNERS & LESSORS
Market Cap: 4561418000
Price: 17.21
Dividend Yield: None
P/E Ratio: 0.9
EPS: 2.39
Beta: 0.511
Volume: 564954000
Revenue: 22.69
Gross Margin: 0.764
Net Margin: 0.775
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Industry: Patent Owners & Lessors
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P/E Ratio: 0.9
EPS: 2.39
Beta: 0.511
Volume: 564,954,000
50-Day Moving Average: $22.69
RSI: 0.764
Bollinger Bands: 0.775
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