Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin through investments in various cryptocurrency-related companies. By the end of 2024, the fund's indirect exposure had risen to 3,821 BTC, valued at approximately $356 million, marking a 153% increase over the year. This rise in Bitcoin holdings is attributed to rule-based sector weighting rather than a targeted strategy for Bitcoin investment. Notable holdings include stakes in MicroStrategy, Square, Tesla, Coinbase, as well as Bitcoin miners Mara Holdings and Riot Platforms. The fund reported profits of $222 billion for 2024, primarily driven by technology sector gains. The trend reflects a growing institutional acceptance of Bitcoin, supported by the proliferation of publicly traded crypto firms and the success of spot Bitcoin exchange-traded funds (ETFs) that have attracted over $124 billion in net assets. Surveys indicate a strong intention among institutional investors to increase crypto asset allocations in the near future.

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