u.today
KLP (Kommunal Landspensjonskasse), Norway's largest pension fund, has reportedly increased its exposure to the asset class despite the recent market downturn.
According to data shared by BitcoinTreasuries, the $90 billion pension giant has increased its position in the struggling Bitcoin treasury firm to 95,160 shares, a stake currently valued at approximately $13.5 million.
The level of conviction displayed by Scandinavia's most conservative and influential institutional investors is not wavering despite the dramatic decline of Strategy's shares.
KLP's track record
KLP is a massive mutual insurance company that manages the pensions for Norway's municipal employees and public healthcare enterprises.
It boasts over $90 billion (roughly NOK 1 trillion) in assets under management.
Historically, KLP is best known for its strict ethical exclusions rather than high-risk bets.
The fund has a tendency to stay away from companies that violate its ESG (Environmental, Social, and Governance) standards.
Some ESG-focused funds have shunned Bitcoin due to environmental concerns regarding mining, but KLP appears to have taken a pragmatic view.
KLP's involvement in the crypto industry has been notable despite being indirect.
KLP does not typically buy spot Bitcoin. Instead, it gains exposure through equity proxies like Strategy (formerly MicroStrategy) and Coinbase.