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Norway's Giant Fund Secretly Boosts Bitcoin Holdings by 153%

Coin WorldThursday, Jan 30, 2025 10:13 am ET

1min read

The world's largest sovereign wealth fund, Norway's Norges Bank Investment Management (NBIM), has amassed a significant indirect bitcoin (BTC) exposure, according to K33 Research. As of the end of 2024, the fund indirectly held 3,821 BTC, reflecting a 153% year-over-year increase from 1,507 BTC. This growth highlights the fund's evolving indirect bitcoin exposure, which has grown from just 796 BTC in 2020.

NBIM's indirect exposure to bitcoin is valued at approximately $356.7 million, as of December 31, 2024. This exposure is likely a result of the fund's sector-weighted portfolios, as crypto proxies appreciate in value, their portfolio weightings increase. K33 analyst Vetle Lunde noted that this exposure is likely a result of rule-based sector weighting rather than a deliberate choice to prioritize BTC exposure.

In addition to its indirect bitcoin holdings, NBIM 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), equivalent of $500 million, 1.1% of Tesla (TSLA), and investments in Coinbase (COIN), Metaplanet (3350), and MARA Holdings (MARA). These investments contribute to the fund's overall exposure to the cryptocurrency market.

NBIM, 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. Despite the fund's significant indirect bitcoin exposure, it declined to comment on the matter.

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