Norway has significantly increased its indirect investment in Bitcoin, reflecting the interest of large institutions in cryptocurrencies. In 2025, the country's sovereign fund nearly tripled its exposure to the leading cryptocurrency by implementing a strategy that avoids direct purchases.
A Methodical Rise in Power
According to K33 Research, the fund's indirect exposure reaches 7,161 BTC, representing about $1.2 billion. This increase stems from a significant strengthening of its positions in MicroStrategy, Metaplanet, and the American platform Coinbase. In one year, MicroStrategy jumped 133% and Coinbase increased by 96% in its holdings. Overall, its exposure to Bitcoin has surged by 192% compared to 2024.
A Global Trend That Is Establishing for Bitcoin
Norway is not the only country increasing its exposure. In the United States, SWIB was one of the first public funds to invest in Bitcoin through ETFs. The investment of $164 million nearly doubled in February to $321 million, then was reduced in May. Over 1,300 new ETFs have been launched in the United States, indicating growing institutional enthusiasm for this financial instrument. These investments offer valuable flexibility while respecting strict regulatory constraints.
Heading East: Kazakhstan Follows the Same Path
In July, the Kazakhstan sovereign wealth fund announced a similar change of direction, planning to convert part of its reserves, including gold and foreign currencies, into cryptocurrencies. According to Timur Suleimenov, director of the National Bank, this decision aims to diversify the fund’s revenues and benefit from the growth potential of the crypto market.
These developments signal a gradual shift of Bitcoin and other cryptocurrencies from being viewed solely as speculative assets to being integrated into state asset management. Each move by these major players could ultimately influence the future valuation of the cryptocurrency market.
