17th August 2024 > > Crypto adoption as an investment.

tl;dr

Pension funds, and sovereign wealth funds are ramping up their indirect exposure to BTC.

Market Snap

Market Wrap

$60k looming yet again, but it is proving a difficult barrier this time around.

Curious Cryptos’ Commentary – Pension Funds

We have seen in the US that pension funds are starting to buy spot BTC ETFs adding credibility to the investment proposition for BTC that no other pool of investment money can bestow.

South Korea’s state pension fund, NPS (National Pension Service), has disclosed recently buying 245,000 shares of MSTR, a leveraged play on the price of BTC with no risk of liquidation. This bolsters NPS’ current crypto exposure with shares in Coinbase.

Crypto adoption whichever way you turn.

Curious Cryptos’ Commentary – Leveraged MSTR, anyone?

The SEC has approved a single-stock ETF aiming to provide 175% of the daily return of MSTR.

This new ETF is a leveraged play on a leveraged play on the price of BTC.

The vol will be frightening. Is Gensler, chair of the SEC, a madman?

Curious Cryptos’ Commentary – Norway’s sovereign wealth fund (NBIM)

NBIM fund invests the country’s tax receipts from its offshore oil and gas industry on behalf of its population. Recently valued at $1.6 TRILLION, it equates to just shy of $300k per person, which is nice. The UK had a very similar opportunity, but instead we took the decision to spend the cash as it came in. Not that there will be any more tax receipts soon, as we close down the industry, to replace it with imports of oil and gas from the Middle East, on the wholly mistaken assumption that this is somehow better for the planet, and improves our energy security.

According to K33 Research, NBIM’s indirect exposure to BTC has increased by two-thirds during 2024:

This indirect exposure comes from investments in companies that hold BTC such as MSTR and the miners. NBIM owns nearly 1% of all MSTR stock, a very wise decision in my opinion. It has similar holdings in MARA and COIN, highlighting the growing acceptance of these companies to the traditional investor base.

Wait until NBIM starts buying the spot BTC ETFs, or even actual BTC.

That will be a good day to be a crypto investor.