Key Takeaways
- Norway's sovereign wealth fund increased Bitcoin exposure by 153% in 2024.
- The fund now holds 3,821 BTC through investments in Bitcoin-linked firms.
- NBIM's Bitcoin-related investments grew from $23M in 2020 to $356M in 2024.
Norway’s sovereign wealth fund, the world’s largest with $1.7 trillion in assets, has significantly expanded its Bitcoin exposure.
According to K33 Research analyst Vetle Lunde, NBIM’s indirect Bitcoin holdings grew by 153% in 2024, reaching 3,821 BTC.
Investment strategy
The fund’s exposure comes through investments in Bitcoin-linked companies such as Riot Platforms, Metaplanet, and MicroStrategy.
Despite expectations of a reduced stake in MicroStrategy, NBIM maintained substantial holdings in the firm.
Institutional adoption trends
Lunde suggested that NBIM’s Bitcoin exposure likely stems from sector-based investment strategies rather than a direct push toward Bitcoin.
However, he noted that institutional involvement in Bitcoin continues to grow, reflecting its increasing role in diversified portfolios.
Financial impact
In financial terms, NBIM’s Bitcoin-related investments surged from $23 million in 2020 to $356 million by the end of 2024.
Norway’s per capita indirect Bitcoin exposure now stands at 68,837 sats, approximately $64.
