Norway’s sovereign wealth fund, overseen by Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin by investing in a diverse range of crypto-friendly companies.
Research from K33 indicates that by the end of 2024, NBIM’s Bitcoin exposure—through indirect holdings—had risen to 3,821 BTC, valued at approximately $356 million. This marks an impressive 153% increase over the past year.
“It’s worth noting that this exposure is likely a byproduct of sector-based investment strategies rather than a targeted effort to increase Bitcoin holdings,” explained Vetle Lunde, head of research at K33. He further emphasized:
“NBIM’s indirect exposure highlights how Bitcoin is naturally integrating into well-diversified portfolios. This growth signals a maturing market where BTC finds its place, whether deliberately included or not.”
Among the fund’s key holdings are a $500-million stake in MicroStrategy, investments in Coinbase, and allocations to Bitcoin mining companies such as Mara Holdings and Riot Platforms.
The Government Pension Fund Global, Norway’s sovereign wealth fund, recorded $222 billion in profits in 2024, marking its second consecutive year of record-breaking earnings. NBIM’s CEO, Nicolai Tangen, attributed this strong performance to “massive gains from the technology sector,” as he stated in an interview with Reuters.
Institutional Adoption of Bitcoin
The expansion of publicly traded cryptocurrency firms and the launch of spot Bitcoin exchange-traded funds (ETFs) have made it more accessible for institutions to gain both direct and indirect exposure to digital assets.
According to data from CoinGlass, U.S. spot Bitcoin ETFs have accumulated over $124 billion in net assets within their first year of trading.
Many analysts believe institutional involvement with Bitcoin will continue to grow, particularly as regulatory clarity in the United States attracts more investors. A pro-crypto stance in U.S. policy is already having global ripple effects. In a November survey conducted by Swiss crypto bank Sygnum, which polled 400 institutional investors across 27 countries, 57% of respondents expressed plans to increase their crypto asset exposure.
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