Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has made some interesting moves lately. They’ve increased their indirect exposure to Bitcoin (BTC) significantly.
According to K33 Research, NBIM’s indirect Bitcoin holdings reached 3,821 BTC, valued at about $356 million by the end of 2024. That’s a huge jump—up 153% from the previous year!
Vetle Lunde, head of research at K33, pointed out that this growth likely comes from rule-based sector weighting, not a specific strategy to invest in Bitcoin. He said, “NBIM’s indirect exposure shows how BTC is making its way into well-diversified portfolios. This growth reflects a maturing market.”
The fund owns a $500 million stake in MicroStrategy and has investments in Coinbase, along with stakes in Bitcoin miners like Mara Holdings and Riot Platforms. In 2024, Norway’s sovereign wealth fund, known as the Government Pension Fund Global, reported profits of $222 billion. That’s two years in a row of record gains!
Nicolai Tangen, the CEO of NBIM, mentioned that 2024 was “a very strong year” for the fund, thanks to “massive gains from technology.”
Now, let’s talk about Bitcoin’s reach in the institutional world. The rise of publicly traded cryptocurrency companies and the introduction of spot Bitcoin exchange-traded funds (ETFs) have made it easier for institutions to invest in digital assets.
In just their first year, US spot Bitcoin ETFs have gathered over $124 billion in net assets, according to CoinGlass. Many experts believe that as regulations become clearer in the United States, more investors will jump on board.
The effects of a supportive crypto policy in the US are already being felt in Europe and beyond. A survey from Swiss crypto bank Sygnum, conducted in November, revealed a growing interest among institutional investors. About 57% of them plan to increase their exposure to crypto assets.