World’s largest sovereign wealth fund with assets of $1 trillion becomes indirect owner of bitcoin

The Norwegian Government Pension Fund, with assets worth more than $1 trillion, including 1.4% of all global equities, has become the indirect owner of 577.6 BTC. Arcane Research analysts noted this.

Through its ownership stakes in MicroStrategy (1.51% as of December 31st 2019), the Norwegian Government Pension Fund now indirectly holds 577.6 bitcoin (~57.5 MNOK, 6.3m USD).https://t.co/l4wUkmlYS2 pic.twitter.com/Eq3atvtpeW

— Arcane Research (@ArcaneResearch) September 19, 2020

The world’s largest sovereign wealth fund, also known as the Oil Fund, became the indirect owner of bitcoin thanks to its 1.51% stake in MicroStrategy.

The Nasdaq-listed provider of analytics software in August bought 21,454 BTC (~$250 million at the rate at the time of the deal), becoming the first publicly traded company to put part of its capital into bitcoin. In September the company bought another 16,796 BTC for $175 million.

Major stakes in MicroStrategy are held by Vanguard ($6.2 trillion under management) and BlackRock ($7.43 trillion).

As noted, MicroStrategy CEO Michael Saylor told how the company’s traders managed to buy a large batch of bitcoin without moving the price.

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