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The northern European country of Norway has a population of nearly 5.5 million. Moreover, the government’s investments for its citizens total some $1.7 trillion. A chunk of that is in Bitcoin stocks, and the government upped its holdings this year.Norway now indirectly owns 2,446 BTC through its investments in crypto stocks. That’s bullish news for Bitcoin. It paints an enticing picture of global sovereign support for the BTC price.
Norway’s public fund slashed the nation’s holdings of Meta stock and other big tech giants . After that, it moved the money into Web3 stocks like MicroStrategy, Coinbase, Block, and Marathon Digital.Nicolai Tangen, CEO of Norges Bank Investment Management, said: Along with big tech stocks, Bitcoin delivered enormous returns to investors this year, coinciding with the quadrennial Bitcoin supply halving and the launch of several ETF products in the United States following approval from the U.S. Securities and Exchange Commission.Fortune, the big moves increased Norway’s Bitcoin exposure by 62% in the first half of 2024.
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