Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has accumulated a sizable exposure to Bitcoin (BTC) through indirect investments in a diversified portfolio of cryptocurrency-friendly companies.
According to K33 Research, NBIM’s indirect exposure to the digital asset grew to 3,821 BTC, or $356 million, at the end of 2024, reflecting a yearly gain of 153%.
Norway’s sovereign wealth fund saw its indirect exposure to Bitcoin grow by 1,375 BTC between June and December 2024. Source: Vetle Lunde
“It is important to highlight that this exposure likely derives from rule-based sector weighting rather than a deliberate choice to prioritize BTC exposure,” wrote Vetle Lunde, K33’s head of research, adding:
“NBIM’s indirect exposure is one of the strongest examples of how BTC is slipping into any well-diversified portfolio, and the growth is a testament to the market maturing and BTC ending up in any well-diversified portfolio, intended or not.”
The sovereign wealth fund’s holdings include a $500-million stake in MicroStrategy, investments in crypto exchange Coinbase, and allocations to Bitcoin miners Mara Holdings and Riot Platforms.
Norway’s sovereign wealth fund, known as Government Pension Fund Global, earned $222 billion in profits in 2024, marking the second straight year of record gains.
NBIM’s CEO, Nicolai Tangen, told Reuters that 2024 was “a very strong year” for the fund, thanks to “massive gains from technology.”
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Bitcoin’s institutional reach
The growth of publicly traded cryptocurrency companies and the arrival of spot Bitcoin exchange-traded funds (ETFs) have made it easier for institutions to gain direct and indirect exposure to digital assets.
In their first year of trading, US spot Bitcoin ETFs have accumulated more than $124 billion in net assets, according to CoinGlass.
Some industry observers believe Bitcoin’s institutional reach will only grow as clearer regulations in the United States bring more investors into the fold.
The ramifications of a pro-crypto US policy agenda are already being felt in Europe and elsewhere. In November, Swiss crypto bank Sygnum observed a growing appetite for crypto assets in its survey of 400 institutional investors from across 27 countries.
According to the survey, 57% of institutional investors plan to increase their exposure to crypto assets.
Most institutional investors plan to increase their crypto asset allocations in the near future. Source: Sygnum
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