Global Sovereign Funds Deepen Crypto Ties as Norway’s Holdings Surge 192.7%
Norway’s government-managed wealth fund has sharply increased its exposure to Bitcoin-linked investments, recording a jump of nearly 193% to reach an estimated $862.8 million. This makes the world’s largest sovereign fund a notable indirect participant in the crypto market at a time when Bitcoin is trading around $118,874, down 1.89% in the past day.
According to K33 Research, the fund’s exposure is equivalent to roughly 7,161 BTC, accumulated through positions in the investment firm MicroStrategy, Japanese-listed Metaplanet, and U.S. crypto exchange Coinbase. The most substantial growth came from its holdings in MicroStrategy, which surged to over 11.9 billion Norwegian krone ($1.2 billion) — a 133% increase since early 2024. Its stake in Coinbase also rose sharply, climbing more than 96% during the same period.
Norwegian regulations prohibit sovereign and pension funds from buying Bitcoin directly, prompting them to use alternative avenues such as ETFs, corporate bonds, or equity stakes in Bitcoin-focused companies. This indirect approach allows compliance with domestic rules while still benefiting from cryptocurrency market gains.
The strategy is not unique to Norway. The State of Wisconsin Investment Board, for instance, initially committed $164 million to Bitcoin ETFs, expanded its position to $321 million, and later shifted part of its allocation into MicroStrategy shares. In another example, Kazakhstan’s sovereign fund has signalled interest in reallocating some of its reserves from traditional assets like gold and foreign currency into cryptocurrency.
Such moves reflect a broader acceptance of digital assets within global finance. Institutional participation from sovereign wealth funds not only brings liquidity but can also help steady investor sentiment during market volatility. The narrowing gap between traditional and crypto markets suggests a profound change in how nations diversify and manage long-term wealth.
