The world's largest sovereign fund, the Norwegian Government Pension Fund Global, with total assets of up to $1.7 trillion, significantly increased its Bitcoin exposure in the second quarter of this year, raising its Bitcoin equivalent holdings from 6,200 coins to 11,400 coins through additional investments in Strategy and Metaplanet, marking an increase of 83% in a single quarter.
Geoffrey Kendrick, head of digital asset research at Standard Chartered, found that the most prominent highlight in the second quarter, after analyzing the SEC's latest 13F filings, was that the Norwegian Sovereign Fund increased its investments in Strategy and Metaplanet.
In fact, the Norwegian Sovereign Fund's Bitcoin exposure comes almost entirely from Strategy, with only a slight increase of about 200 Bitcoin equivalent in Metaplanet shares.
Geoffrey Kendrick stated: "The Norwegian Sovereign Fund indirectly acquired Bitcoin exposure through Strategy, with a quarterly increase of 83% being no coincidence, but rather a proactive strategy."
Strategy currently holds the largest amount of Bitcoin among publicly traded companies, with 628,900 Bitcoins worth nearly $74 billion; Metaplanet ranks seventh, holding 18,800 coins valued at over $2 billion.
Geoffrey Kendrick also noted that as early as May, he observed that sovereign funds and government institutions started increasing their Bitcoin exposure by purchasing Strategy stocks. Now, the actions of the Norwegian Sovereign Fund further validate that this trend is brewing.
Standard Chartered remains bullish: Bitcoin challenges $200,000 by the end of the year.
As one of the few analysts on Wall Street optimistic about cryptocurrencies, Geoffrey Kendrick's optimistic predictions further fuel market imagination.
Last month, he raised his Bitcoin price target for the third quarter to $135,000, and even called for $200,000 by the end of the year; in long-term forecasts, he believes Bitcoin could break $500,000 by 2028.
Not only Bitcoin, Geoffrey Kendrick also gives a positive outlook on other cryptocurrencies:
Ethereum: projected to reach $7,500 by the end of the year, challenging $25,000 by 2028;
Binance Coin (BNB): estimated to rise to $2,775 by 2028;
Avalanche (AVAX): expected to rise to $250 by 2029;
Ripple (XRP): projected to reach $12.5 by 2028.
He also predicts that the stablecoin market will expand rapidly, potentially approaching $2 trillion by the end of 2028.
"Indirectly holding 11,400 Bitcoins! The Norwegian Sovereign Fund significantly increased its stake in Strategy and Metaplanet in Q2" was first published on (Blockke).
