Nearly 5 million Swedish savers have, largely without their knowledge, indirect exposure to Bitcoin (BTC) through the standard government alternative to private savings options in the country’s private retirement market.
According to local crypto site Trijo News, at least two companies in which the Swedish state pension fund AP7 Såfa owns shares have invested in Bitcoin.
First, 0.09% of all shares in Tesla are owned by AP7 Såfa: the former is known for its high-profile purchase of 48,000 BTC worth a total of approximately $ 3 billion at current prices. AP7 Såfa’s 5 million customers thus collectively own about 43 BTC, worth about $ 2.7 million. Calculated per saver, this equates to just $ 0.59 in Bitcoin (940 satoshis or hundredth million of 1 BTC) each.
AP7 Såfa also owns just over 0.1% of all shares in Square, whose BTC stakes are slightly more modest than Tesla’s. Calculated per AP7 Såfa client, Trijo reports that each owns approximately $ 0.12 in BTC (190 satoshis) through the fund’s equity holdings in Square. Trijo notes that both calculations for Tesla and Square are approximate and may be a bit outdated – but they give an indication of the cumbersome and little-known exposure of millions of Swedes to the cryptocurrency.
As previously reported, Norwegian savers are in a similar situation to their Scandinavian neighbors. Recent research has shown that the Norwegian government pension fund – also known as the oil fund and the largest sovereign wealth fund – holds nearly 600 BTC through its investments.