Norway’s $1.4T Wealth Fund Goes Big on Bitcoin: Indirect Holdings Spike 192% in 2025

Norway’s sovereign wealth fund—the world’s largest—just tripled down on crypto exposure without touching a single coin. How? Through a backdoor play that’s shaking traditional finance.

The Indirect Bitcoin Bet

By loading up on Bitcoin-adjacent stocks and blockchain ETFs, the oil-funded giant sidestepped regulatory hurdles while still riding BTC’s volatility. Classic hedge fund gymnastics—why own the asset when you can profit from its hype?

Wall Street’s Worst Nightmare

As institutional investors scramble to replicate the strategy, purists sneer at the irony: a fossil fuel empire bankrolling decentralized finance. The ultimate ‘have your cake and short it too’ move.

One thing’s clear—when even conservative sovereign funds take crypto positions this big, the ‘digital gold’ narrative isn’t just surviving. It’s thrived.

Norway’s $1.7 trillion sovereign wealth fund, Norges Bank Investment Management (NBIM), increased its indirect Bitcoin exposure by 192%, rising from 3,821 BTC at the end of 2024 to 7,161 BTC in 2025. This surge, valued at approximately $844 million, primarily came through investments in leading Bitcoin-holding companies like Strategy and Marathon Digital. The move highlights growing institutional confidence in Bitcoin as a part of diversified global portfolios.