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Norway’s sovereign wealth fund—Norges Bank Investment Management (NBIM)—increased its indirect Bitcoin exposure by 153% in 2024 to 3,821 BTC, according to Vetle Lunde, a senior analyst at K33 Research.
Lunde explained that the exposure likely stems from sector-based investment strategies rather than a direct push toward Bitcoin. However, the steady increase shows how BTC is becoming an unavoidable asset in diversified portfolios.
Norwegian Sovereign Wealth Fund Indirect Bitcoin Holding (Source: X/Vetle Lunde)
According to him, this trend signals a maturing market where institutional exposure to Bitcoin grows regardless of intent.
Lunde pointed out that NBIM has expanded its holdings in Riot Platforms and Metaplanet. He also noted that his expectations of a reduced stake in MicroStrategy following its 21/21 plan proved incorrect, as the fund maintained significant exposure.
As of the end of 2024, Norway’s per capita indirect Bitcoin exposure stood at 68,837 sats ($64). In USD terms, NBIM’s Bitcoin exposure has surged from $23 million in 2020 to $356 million.
Norway Sovereign Fund Indirect Bitcoin Holdings (Source: X/Lunde)
The Norwegian Pension Fund is the world’s largest sovereign wealth fund, with assets amounting to $1.7 trillion, according to its Jan. 29 report.
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