Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has seen its indirect exposure to Bitcoin (BTC) grow significantly, reaching $356.7 million by the end of 2024, according to K33 Research. This marks a 153% increase in the fund’s Bitcoin holdings compared to the previous year, with its total BTC holdings climbing from 1,507 BTC to 3,821 BTC.

The rapid rise in Bitcoin exposure reflects the fund’s ongoing strategic shift, with indirect Bitcoin investments growing substantially from just 796 BTC in 2020. NBIM also holds a variety of stakes in crypto-related public companies, including a 0.72% stake in MicroStrategy (MSTR), worth about $500 million, a 1.1% share in Tesla (TSLA), as well as investments in Coinbase (COIN), Metaplanet (3350), and MARA Holdings (MARA).

NBIM is the manager of the Government Pension Fund Global, which is primarily funded by the revenue from Norway’s oil and gas resources. The fund reported an impressive record profit of $222.4 billion in 2024, largely fueled by the surge in artificial intelligence (AI) stocks.

K33 analyst Vetle Lunde explains that the growth in indirect Bitcoin exposure is likely due to the sector-weighted nature of NBIM’s portfolio. As the value of crypto-related assets rises, their weight within the fund’s overall portfolio increases accordingly.