According to data from crypto research firm K33 Research, the world's largest state-led wealth fund—the Norwegian Sovereign Wealth Fund—has increased its indirect exposure to Bitcoin (BTC) by 192% over the past year.
The fund indirectly holds 7,161 BTC through its portfolio, which includes Treasury company Strategy, Metaplanet, and crypto exchange Coinbase.
Currently, the fund holds over 11.9 billion Norwegian Krone (1.2 billion USD) in Strategy stocks, a 133% increase compared to 2024. Similarly, the fund has increased its Coinbase holdings by over 96% since 2024.
The increase in Norway's BTC holdings reflects a broader trend of sovereign wealth funds gaining indirect exposure through BTC investment tools and corporate proxies, as the world's first cryptocurrency integrates into the traditional financial system.
Sovereign wealth and national pension funds are legally required to have managers invest only in predefined asset classes, such as fixed-income securities, corporate bonds, and stocks.
Due to these restrictions, fund managers looking to invest in Bitcoin or other cryptocurrencies must gain indirect exposure through investment tools like exchange-traded funds (ETFs), corporate bonds, or corporate proxies like Strategy.
The State of Wisconsin Investment Board (SWIB), which manages the pension system for the U.S. state, is one of the first state-level pension funds in the U.S. to disclose indirect Bitcoin exposure through a $164 million investment in a BTC ETF.
In February, SWIB disclosed that its BTC holdings nearly doubled, surging to over $321 million according to U.S. Securities and Exchange Commission (SEC) filings.
The pension fund manager sold off its BTC holdings in May but retained a $50 million BTC proxy position in Strategy.
Kazakhstan's sovereign wealth fund announced in July plans to convert part of its assets into cryptocurrency.
Timur Suleimenov, the Governor of the National Bank of Kazakhstan, stated that this anticipated move aims to generate more investment income for the wealth fund, and the government is also exploring converting other assets like gold and foreign exchange reserves into cryptocurrency.
Related: Pantera invests $300 million in crypto treasury company, claiming returns may surpass ETFs
Original article: “Norwegian Sovereign Wealth Fund Increases Indirect Bitcoin (BTC) Exposure in 2025”
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