The Norwegian sovereign wealth fund's recent boost in indirect Bitcoin exposure, now over $144 million, may not be a deliberate strategy, according to analyst Vetle Lunde. Instead, the increase likely stems from automated sector weighting and risk diversification. The fund’s indirect Bitcoin holdings, through shares in companies like MicroStrategy and Coinbase, rose by 160.7% since December 2023. Lunde suggests that if there were a deliberate strategy to increase Bitcoin exposure, more direct evidence would be apparent. The fund’s indirect Bitcoin exposure highlights its growing role in diversified investment portfolios.