Norway’s Central Bank Holds Over $500 Million in Indirect Bitcoin Exposure

Norway’s central bank has an indirect exposure to Bitcoin worth over $500 million, primarily through investments in MicroStrategy and other cryptocurrency-focused companies. According to K33 Research, this exposure has nearly tripled over the past 12 months due to increased allocations to crypto-related firms.

Norway Sovereign Wealth Fund’s Indirect Bitcoin Exposure

Vetle Lunde, K33 head of research, notes that the Norway Sovereign Wealth Fund holds 0.72% of MicroStrategy’s total shares, valued at approximately $514 million as of December 2024. This investment translates to indirect exposure of around 3,214 Bitcoin. Additionally, the fund holds shares in other companies with Bitcoin exposure, including:

  • Tesla
  • Bitcoin mining firms Marathon Digital and Riot Platforms
  • Cryptocurrency exchange Coinbase
  • Tokyo-based Metaplanet

These investments represent over $61 million in indirect Bitcoin exposure. Lunde suggests that Norges Bank Investment Management’s investment strategy likely follows rule-based sector weighting rather than a direct Bitcoin acquisition plan.

Norway’s Interest in Companies with Significant Bitcoin Holdings

Norway’s interest in companies with significant Bitcoin holdings gained attention last year. In August, documents revealed that central banks in Norway and Switzerland made substantial investments in MicroStrategy shares, coinciding with increased Bitcoin purchases by the Tysons Corner-based firm.

The Norwegian sovereign wealth fund (NBIM) indirectly holds 3,821 Bitcoin, reflecting an increase of 1,375 Bitcoin since June 30, 2024, and a yearly growth of 2,314 Bitcoin—a 153% increase compared to its end-of-year 2023 holdings.

It is essential to note that this exposure likely reflects Norway’s investment strategy and its willingness to invest in companies with significant Bitcoin holdings.

This trend indicates that Bitcoin is increasingly finding its way into institutional portfolios worldwide. As the cryptocurrency market continues to evolve, it will be interesting to see how Norway’s central bank and other institutional investors navigate the space.

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