Key Takeaways
- Norway's sovereign wealth fund now has 3,821 BTC in indirect exposure.
- MicroStrategy accounts for 3,214 BTC of NBIM's Bitcoin exposure.
- NBIM's Bitcoin-linked investments grew 153% year-over-year.
Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), saw its indirect Bitcoin exposure grow 153% year-over-year, reaching 3,821 BTC ($400 million) as of December 31, 2024, according to K33 Head of Research Vetle Lunde.
MicroStrategy dominates holdings
NBIM’s largest indirect Bitcoin holding comes from its stake in MicroStrategy, where it owns 0.72% of the company’s shares, valued at $514 million.
This translates to an exposure of 3,214 BTC, making it the dominant contributor to Norway’s Bitcoin-linked assets.
Diversified Bitcoin-related portfolio
Other holdings impacting NBIM’s Bitcoin exposure include:
- MARA (0.71% ownership): 315.2 BTC
- Tesla (1.1% ownership): 106.9 BTC
- Coinbase (0.85% ownership): 80.6 BTC
- Riot Platforms (0.44% ownership): 76.7 BTC
Investment strategy analysis
Lunde emphasized that NBIM’s Bitcoin exposure is likely unintentional, stemming from its rule-based sector weighting rather than a direct investment strategy.
Lunde stated on Wednesday:
It is important to highlight that this exposure likely derives from rule-based sector weighting rather than a deliberate choice to prioritize BTC exposure.
Historical growth trajectory
Despite this, the fund’s Bitcoin exposure has grown from $23 million in 2020 to $356 million in 2024, reflecting Bitcoin’s increasing integration into traditional financial markets.
Long-term partnership with MicroStrategy
NBIM has been investing in MicroStrategy since 2009, and its investment value in the company has surged over sevenfold in the past year.
MicroStrategy’s ongoing Bitcoin acquisitions, spearheaded by co-founder Michael Saylor, have significantly influenced NBIM’s exposure.
Per capita impact
The Norwegian fund’s Bitcoin-linked investments now stand at 68,837 satoshis per capita ($64 per person), reinforcing its growing—if indirect—stake in the Bitcoin ecosystem.
