Norway has reportedly increased its indirect investments in bitcoin to record levels through its sovereign wealth fund. This move reflects growing interest in cryptocurrencies among institutional investors.
History of Norway's Bitcoin Investments
According to K33 research, as of June 30, 2023, Norway's sovereign fund, managed by Norges Bank Investment Management (NBIM), has raised its indirect exposure to bitcoin to 7,161 BTC. This position has increased by 87.7% in the last six months and nearly 193% over the past year.
Main Holders and Exposure Increase
The significant increase in indirect holdings resulted from stakes in publicly traded companies like MicroStrategy, Block, Coinbase, and Marathon Digital. The largest single exposure comes from MicroStrategy, where the fund now owns 1.05% of the company, up from 0.72% at the end of 2024.
Market Trends and Forecasts
K33 estimates that the fund’s bitcoin exposure equates to about 1,387 Norwegian kroner ($138) per citizen. K33’s Head of Research, Vetle Lunde, noted the rise reflects the growing trend of corporate investments in bitcoin, suggesting that index investors increasingly have modest exposure to this asset through equity holdings.
Norway's increase in indirect bitcoin holdings highlights a broader trend among institutional investors and companies seeking improved asset diversification. It also emphasizes bitcoin's significance in modern investment portfolios.
