Norway’s Sovereign Wealth Fund Shows Increased Interest in Bitcoin
Norway’s sovereign wealth fund, the Government Pension Fund Global (commonly referred to as the Oil Fund), made headlines in the financial world with a remarkable 149% increase in its indirect Bitcoin exposure in 2025. Despite never purchasing Bitcoin directly, the fund’s investments in Bitcoin-focused companies have skyrocketed, demonstrating the growing adoption of cryptocurrency in mainstream financial portfolios.
Breaking Down the Numbers
Recent reports from market analytics firm K33 reveal that Norway’s sovereign wealth fund now indirectly holds a total of 9,573 BTC through its stakes in various companies. This represents an exposure valued at approximately 8.5 billion NOK or $837 million USD at year-end 2025. While this amount represents less than 0.04% of the fund’s total assets, the sharp increase highlights notable institutional interest in cryptocurrency.
The fund’s exposure largely stems from its stock holdings in key players in the cryptocurrency space:
- Strategy: Contributing 7,801 BTC, Strategy is the largest source of Bitcoin exposure for the fund. This accounts for 81% of the indirect holdings.
- Metaplanet: The fund owns 1.69% of Metaplanet’s stock, equating to 593 BTC.
- MARA: MARA adds an additional 618 BTC to the total.
- Coinbase: The well-known cryptocurrency exchange represents 156 BTC.
- Block: Formerly Square, Block adds 105 BTC through its growing crypto initiatives.
Expert Analysis and Market Trends
According to Vetle Lunde, Head of Research at K33, the fund’s increased exposure reflects a broader trend of institutional adoption of Bitcoin. Lunde noted, “While BTC price action has been less than optimal, Norway’s Oil Fund continues to diversify into companies with significant crypto holdings. This strategy reflects the growing confidence in Bitcoin as part of a diversified portfolio.”
Lunde emphasized that the fund’s increased exposure to Bitcoin is not necessarily a direct endorsement of the cryptocurrency but rather a byproduct of the fund’s broader investment in companies innovating in the digital currency space. With Bitcoin increasingly becoming part of mainstream finance, institutional players are more willing to engage indirectly through equity positions.
The Bigger Picture
The Norwegian sovereign wealth fund’s exposure to cryptocurrency showcases the intersection of traditional finance and decentralized technology. Cryptocurrencies like Bitcoin, once seen as highly speculative assets, are now being incorporated into investment strategies at the highest levels. This shift underscores how institutional players are growing more comfortable with cryptocurrency, even amidst market volatility.
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Stay tuned for further updates on advancements in crypto finance and the evolving strategies of institutional investors.
