Norway’s sovereign wealth fund ups indirect Bitcoin exposure in 2025

Key Points

1. Norway’s sovereign wealth fund increased its indirect Bitcoin exposure by 192% over the last year, now holding exposure to 7,161 BTC through its investment portfolio.

2. The fund holds over 11.9 billion Norwegian krone ($1.2 billion) of Strategy’s stock, a 133% increase from 2024, and increased its Coinbase holdings by over 96% since 2024.

3. Other sovereign and state wealth funds, like the State of Wisconsin State Investment Board (SWIB), have also entered the crypto market, with SWIB’s BTC holdings surging to over $321 million before partially selling off.

4. Kazakhstan’s sovereign wealth fund announced plans to allocate part of its reserves to crypto in July.