Norway’s Government Pension Fund Global has notably increased its indirect Bitcoin exposure through investments in firms holding this cryptocurrency.
Fund's Investment Expansion
Norway's Government Pension Fund Global has increased its indirect Bitcoin exposure by 153% year-over-year, reaching 3,821 BTC as of December 31, 2024. This increase stems from investments in firms with Bitcoin holdings, including MicroStrategy, Riot Platforms, MARA, Coinbase, and Metaplanet.
How Bitcoin Exposure Is Formed
Managed by Norges Bank Investment Management under Norway’s central bank and Ministry of Finance, the fund holds over $1.5 trillion in assets. The Bitcoin exposure results from sector-based asset allocation rather than a strategic decision to prioritize cryptocurrency. MicroStrategy accounts for the largest share of the fund's Bitcoin exposure with 0.72% of its stock, equivalent to 3,214 BTC.
Value Growth and Portfolio Impact
The rapid increase in indirect Bitcoin exposure reflects the growing integration of digital assets into traditional investment portfolios. Since 2020, the Bitcoin exposure in U.S dollar terms surged from $23 million to $356 million. Norway's per capita Bitcoin exposure through the fund now stands at 68,837 sats ($64).
This trend highlights the increasing interest in cryptocurrencies within the traditional investment space, significantly driven by corporate Bitcoin treasury strategies.
