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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.
Updated Jan 30, 2025, 12:51 p.m. Published Jan 30, 2025, 12:46 p.m.
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.
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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).
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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.
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