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Norway’s largest sovereign wealth fund, Norges Bank Investment Management (NBIM), has made an indirect investment of $356.7 million in Bitcoin (BTC) 
$103,850. According to K33 Research, the fund’s BTC holdings are projected to rise to 3,821 by the end of 2024, marking a 153% increase compared to the previous year. In 2020, the fund owned only 796 BTC and has since been closely monitoring the growth of the cryptocurrency market.
Bitcoin and Other Crypto Investments
In addition to its indirect Bitcoin investments, NBIM holds stakes in various publicly traded companies related to cryptocurrencies. By the end of 2024, the fund is expected to own 0.72% of MicroStrategy and 1.1% of Tesla, along with investments in companies like Coinbase, Metaplanet, and MARA Holdings. These investments are viewed as part of NBIM’s strategy to evaluate the potential of cryptocurrencies.
Companies investing in Bitcoin act as a sort of proxy ETF, enabling leveraged gains. MSTR revenues offer profit opportunities that extend beyond the rise of BTC.
Overall Performance of the Fund
Known as the Norwegian Government Global Fund, NBIM invests revenues from Norway’s oil and gas resources. By the end of 2024, the fund is projected to achieve a record annual profit of $222.4 billion, fueled by an AI boom.
“NBIM’s indirect Bitcoin investment is seen as a consequence of sector-weighted portfolios. As cryptocurrency-like assets appreciate, portfolio weights also increase.” – Vetle Lunde, K33 Researcher
K33 researcher Vetle Lunde highlighted that the fund’s indirect Bitcoin position stems from sector-weighted portfolios. He noted that as assets similar to cryptocurrencies increase in value, their share in the portfolio also rises.
NBIM declined to comment on this subject, generally sharing limited information about investment strategies and portfolio distributions. The fund’s interest in cryptocurrencies persists despite market fluctuations, reflecting its long-term investment strategies.
Potential investors and market observers closely monitor NBIM’s strategies for future performance. The fund’s interest in cryptocurrencies and other technological investments mirrors global investment trends.
