Norway's $1.5 Trillion Sovereign Wealth Fund Indirectly Holds 3,821 Bitcoin ($400M)

Norway's sovereign wealth fund, the Government Pension Fund Global (GPFG), has increased its indirect Bitcoin exposure by 153% year-over-year.

Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), has indirectly increased its Bitcoin exposure by 153% year-over-year, reaching 3,821 BTC ($400 million) as of December 31, 2024, according to data compiled by K33.

The fund, managed by Norges Bank Investment Management (NBIM) under Norway’s central bank and Ministry of Finance, holds over $1.5 trillion in assets across global equities, bonds, and real estate.

Its Bitcoin exposure stems from investments in firms with Bitcoin holdings, including MicroStrategy, Riot Platforms, MARA, Coinbase, Canaan, and Metaplanet, as highlighted by K33 Head of Research Vetle Lunde.

Lunde clarified that the fund’s exposure to Bitcoin is likely an outcome of rule-based sector weighting rather than a strategic decision to prioritize cryptocurrency.

“NBIM’s mandate is to invest broadly in the global equity, fixed income, and real estate markets, with an allocation to each market segment based on its size and liquidity,” Lunde said in an email to Blockworks.

“Its Bitcoin exposure is a result of this broad mandate and the fund’s significant holdings in a handful of companies that, in turn, have large Bitcoin positions.”

MicroStrategy, the Nasdaq-listed business intelligence firm, accounts for the largest share of NBIM’s Bitcoin exposure. The fund holds 0.72% of MicroStrategy’s stock, valued at $514 million, which translates to 3,214 BTC.

Despite reducing its overall ownership percentage from 0.89% in mid-2024, NBIM increased its absolute stock holdings from 1.12 million to 1.58 million shares, following MicroStrategy’s stock split in June 2024.

The fund's investments in MARA, Tesla, Coinbase, and Riot Platforms also contribute to its Bitcoin exposure, with MARA accounting for 315 BTC, Tesla for 106 BTC, Coinbase for 80 BTC, and Riot Platforms for 76 BTC.

Lunde highlighted that NBIM’s increased exposure to Riot and Metaplanet is particularly noteworthy.

“NBIM started buying into Riot Platforms in 2023 and increased its holdings substantially throughout 2024,” Lunde said.

“The fund now holds 0.2% of Riot Platforms, which is valued at $100 million and translates to 76 BTC of exposure.”

The fund's investment in MicroStrategy dates back to 2009, with its value growing sevenfold over the past year, Blockworks previously reported.

The rapid increase in NBIM’s indirect Bitcoin exposure reflects the growing integration of digital assets into traditional investment portfolios.

Since 2020, the fund’s Bitcoin exposure in U.S. dollar terms surged from $23 million to $356 million. At the individual level, Norway’s per capita exposure to Bitcoin through NBIM now stands at 68,837 sats ($64).

Corporate Bitcoin treasury strategies, popularized by figures like MicroStrategy co-founder Michael Saylor and MARA CEO Fred Thiel, played a role in shaping this trend, Blockworks has covered.