Norway's $1.3 Trillion Wealth Fund Has Amassed $356.7 Million of Indirect Bitcoin Exposure

The world's largest sovereign wealth fund, Norway's Norges Bank Investment Management (NBIM), has amassed $356.7 million in indirect bitcoin (BTC) exposure

The world's largest sovereign wealth fund, Norway's Norges Bank Investment Management (NBIM), has quietly amassed a significant amount of indirect exposure to bitcoin (BTC), according to data compiled by K33 Research.

The fund's holdings in crypto-related stocks and equities have also been highlighted by the analysis.

Norges Bank, through its Government Pension Fund Global (GPFG), had indirect exposure to 3,821 BTC at the end of 2024, a 153% year-over-year increase from 1,507 BTC, according to K33. The fund's bitcoin exposure has grown rapidly in recent years, with the fund only having 796 BTC in indirect exposure in 2020.

NBIM also maintains stakes in a number of crypto-related public companies. As of year-end 2024, its holdings included a 0.72% stake in MicroStrategy (MSTR), valued at around $500 million, a 1.1% stake in Tesla (TSLA) and investments in Coinbase (COIN), Metaplanet (3350) and MARA Holdings (MARA).

The fund, which invests revenue from Norway's oil and gas resources and is officially known as the Government Pension Fund Global, reported a record annual profit of $222.4 billion, driven primarily by the artificial intelligence (AI) boom. The fund's total assets under management reached a new high of $1.53 trillion.

K33 analyst Vetle Lunde makes the point that NBIM's indirect bitcoin exposure is likely a result of sector-weighted portfolios. As crypto proxies appreciate in value, their portfolio weightings increase. However, he adds that the fund's mandate does not allow for direct crypto holdings or holdings in crypto derivatives.

NBIM declined to comment.