Norway’s central bank has amassed over $500 million in indirect Bitcoin exposure through strategic investments in MicroStrategy and other cryptocurrency-focused enterprises.
Recent insights from K33 Research reveal that Norway’s indirect investment in Bitcoin (BTC) has nearly tripled in the last year, driven by increased allocations to crypto-related companies.
The data indicates that the Norway Sovereign Wealth Fund holds 0.72% of MicroStrategy’s total shares, amounting to approximately $514 million as of December 2024. This stake equates to indirect exposure of around 3,214 Bitcoin.
With investments in MicroStrategy dating back to 2009, Norway’s central bank significantly increased its stake last year as the firm solidified its status as the largest corporate holder of Bitcoin. MicroStrategy is now the sovereign fund’s most substantial cryptocurrency-linked investment, managed by Norges Bank Investment Management.
Beyond MicroStrategy, Norges Bank Investment Management has also diversified its portfolio with shares in various companies linked to Bitcoin. These include Tesla, Bitcoin mining firms Marathon Digital and Riot Platforms, cryptocurrency exchange Coinbase, and Metaplanet, based in Tokyo.
Collectively, these investments contribute over $61 million in indirect Bitcoin exposure. The investment strategy appears to adhere to rule-based sector weighting rather than direct Bitcoin acquisitions, according to K33’s analysis.
Moreover, the unique nature of some of Norges Bank Investment Management’s investment decisions signals a growing acceptance of Bitcoin within institutional portfolios globally.
Norway’s growing interest in companies with significant Bitcoin holdings became prominent last year, particularly in August, when it was revealed that the central banks of Norway and Switzerland made significant investments in MicroStrategy shares, aligning with the company’s increased Bitcoin purchases.
The Norwegian sovereign wealth fund now indirectly holds 3,821 BTC, representing a substantial uptick of 1,375 BTC since June 30, 2024, and an impressive yearly growth of 2,314 BTC, marking a 153% increase compared to its holdings at the end of 2023.
