Norway’s sovereign wealth fund ups indirect Bitcoin exposure in 2025

The European country’s sovereign wealth fund does not hold BTC directly but has indirect exposure through a portfolio of crypto companies.

Norway’s sovereign wealth fund, the largest state-directed wealth fund in the world, increased its indirect Bitcoin (BTC) exposure by 192% over the last year, according to crypto research company K33 Research.

The fund has indirect exposure to 7,161 BTC through its investment portfolio, which includes treasury companies Strategy and Metaplanet and crypto exchange Coinbase.

The fund currently holds over 11.9 billion Norwegian krone ($1.2 billion) of Strategy’s stock, a 133% increase from 2024. Similarly, the fund has increased its Coinbase holdings by over 96% since 2024.

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