Norway's Wealth Fund Holds $355M in Bitcoin via Indirect Investments

Norway's Norges Bank Investment Management (NBIM), the world's largest sovereign wealth fund, has significantly increased its indirect exposure to Bitcoin, now holding an estimated $356.7 million worth of the cryptocurrency, according to research from K33. This substantial holding reflects the fund's growing involvement in the digital asset space, primarily through its investments in companies with Bitcoin holdings or those operating within the cryptocurrency ecosystem.

The fund's indirect Bitcoin holdings have seen a dramatic rise over the past few years. K33's data reveals that NBIM held approximately 3,821 Bitcoin at the end of 2024, a remarkable 153% increase from the 1,507 Bitcoin held at the end of 2023. This growth is even more striking when compared to the 796 Bitcoin held in 2020, illustrating the fund's evolving strategy towards digital assets.

NBIM's Bitcoin exposure is primarily indirect, stemming from its investments in publicly traded companies that have embraced Bitcoin or operate within the cryptocurrency sector. These holdings include a 0.72% stake in MicroStrategy (MSTR), valued at approximately $500 million, as well as a 1.1% stake in Tesla (TSLA). The fund also holds investments in Coinbase (COIN), Metaplanet (3350), and MARA Holdings (MARA), all companies with ties to the cryptocurrency market.

NBIM, officially known as the Government Pension Fund Global, manages the revenues generated from Norway's oil and gas resources. The fund recently announced a record annual profit of $222.4 billion, largely attributed to the surge in artificial intelligence (AI) related investments. K33 analyst Vetle Lunde suggests that NBIM's increasing indirect Bitcoin exposure is likely a byproduct of its sector-weighted investment approach. As the value of cryptocurrency-related companies rises, so too does their representation within NBIM's portfolio.

This substantial indirect Bitcoin holding underscores the increasing integration of digital assets into mainstream financial portfolios. While NBIM's approach is indirect, it nonetheless signals a growing acceptance and strategic consideration of cryptocurrencies by major institutional investors.