Their crypto holdings stem from an investment in MicroStrategy
The Norwegian Government Pension Fund, often called the Norwegian Oil Fund, manages assets in excess of $1 trillion. It holds about 1.4% of all global equities and is widely regarded as the world’s largest sovereign wealth fund.
A report published on September 19 by cryptocurrency research firm Arcane Research, titled “The Norwegian Oil Fund Now Owns Almost 600 Bitcoins,” explains how the fund’s exposure to crypto came through its investment in MicroStrategy.
According to the report, the Norwegian Government Pension Fund indirectly holds 577.6 BTC as a result of its 1.51% stake in MicroStrategy, the enterprise analytics company. At the time of the report, that amount of bitcoin was worth roughly $6.3 million.
MicroStrategy’s founder, Michael Saylor, has publicly stated that the company itself holds over 38,250 BTC.
Other prominent shareholders in MicroStrategy include major asset managers BlackRock Fund Advisors and Vanguard Group. BlackRock’s holdings translate to about 15.24% of MicroStrategy—equivalent to an indirect exposure of roughly 5,829.30 BTC—while Vanguard owns approximately 11.72%.
MicroStrategy has drawn attention recently for several high-profile moves, most notably adopting Bitcoin as its primary treasury reserve asset and executing large-scale purchases of the cryptocurrency. In an announcement on August 11, MicroStrategy disclosed a purchase of 21,454 BTC for $250 million.
In the company press release, Michael Saylor said the investment demonstrated MicroStrategy’s view that “Bitcoin, as the world’s most widely adopted cryptocurrency, is a reliable store of value and an attractive investment asset with greater long-term appreciation potential than holding cash.”
He added that, “Since its inception over a decade ago, Bitcoin has become a meaningful component of the global financial system, with characteristics valuable to both individuals and institutions. MicroStrategy recognizes Bitcoin as a legitimate investment asset that can be superior to cash and has therefore made it the core of its treasury reserve strategy.”
Saylor has also described MicroStrategy’s trading method for acquiring large bitcoin positions. He explained that to obtain 16,796 BTC (disclosed 9/14/20), the company traded continuously over 74 hours, executing 88,617 trades—about 0.19 BTC every three seconds—averaging roughly $39,414 in BTC purchased per minute. He noted the team remained ready to buy $30–50 million at a moment’s notice if a favorable 1–2% downward price spike occurred.