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World’s Largest Sovereign Wealth Fund Has Indirect Bitcoin Exposure of More Than $355M
Norway’s sovereign wealth fund saw a 153% year-over-year increase in indirect bitcoin exposure in 2024, according to K33 Research.
What to know:
- Norway's sovereign wealth fund had indirect exposure to more than $355 million worth of bitcoin as of end-2024.
- The exposure grew by 153% over the course of the year, according to K33 Research.
- The wealth fund also has investments in bitcoin-related companies such as MicroStrategy and Coinbase.
The world’s largest sovereign wealth fund, Norway’s Norges Bank Investment Management (NBIM), has amassed $356.7 million in indirect bitcoin (BTC) exposure, according to K33 Research.
At the end of 2024, the fund indirectly held 3,821 BTC, reflecting a 153% year-over-year increase from 1,507 BTC, according to K33. The data highlight the fund’s evolving indirect bitcoin exposure, growing from just 796 BTC in in 2020.
STORY CONTINUES BELOW
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), equivalent of $500 million, 1.1% of Tesla (TSLA) and investments in Coinbase (COIN), Metaplanet (3350) and MARA Holdings (MARA).
NBIM, which invests revenue from Norway’s oil and gas resources and is officially known as the Government Pension Fund Global, reported record annual profit of $222.4 billion, driven primarily by the artificial intelligence (AI) boom.
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.
NBIM declined to comment.
James Van Straten
James Van Straten is a Senior Analyst at CoinDesk, specializing in Bitcoin and its interplay with the macroeconomic environment. Previously, James worked as a Research Analyst at Saidler & Co., a Swiss hedge fund, where he developed expertise in on-chain analytics. His work focuses on monitoring flows to analyze Bitcoin's role within the broader financial system.
In addition to his professional endeavors, James serves as an advisor to Coinsilium, a UK publicly traded company, where he provides guidance on their Bitcoin treasury strategy. He also holds investments in Bitcoin, MicroStrategy (MSTR), and Semler Scientific (SMLR).
