Norway’s wealth fund Bitcoin exposure up 149% in 2025

Norway’s sovereign wealth fund’s indirect Bitcoin exposure soared 149% in 2025 to 9,573 BTC ($837M), mainly via stakes in crypto-related firms. Bitcoin assets remain under 0.04% of total holdings.

Norway’s sovereign wealth fund, the Government Pension Fund Global, saw its indirect Bitcoin exposure surge by 149% in 2025, reaching 9,573 BTC valued at approximately $837 million. This growth was not the result of direct Bitcoin purchases, but rather through significant holdings in companies with large Bitcoin reserves, such as MicroStrategy, Coinbase, Block, MARA, and Metaplanet. The fund’s exposure stems from its diversified equity portfolio, with about 81% of the Bitcoin exposure attributed to its general equity strategy. At the end of 2024, the fund’s indirect Bitcoin holdings were between 3,821 and 3,839 BTC, marking an increase of over 5,700 BTC during 2025. Despite this sharp rise, Bitcoin-linked assets still represent less than 0.04% of the fund’s total assets under management. Managed by Norges Bank Investment Management, the fund traditionally prioritizes equities, fixed income, and real estate in its global portfolio.