The world’s largest sovereign wealth fund, Norway’s Norges Bank Investment Management (NBIM), has amassed $356.7 million in indirect bitcoin (BTC) exposure, according to K33 Research.

At the end of 2024, the fund indirectly held 3,821 BTC, reflecting a 153% year-over-year increase from 1,507 BTC, according to K33. The veri highlight the fund’s evolving indirect bitcoin exposure, growing from just 796 BTC in in 2020.

NBIM year-end indirect exposure (K33 Research)

NBIM also maintains stakes in a number of crypto-related public companies. As of year-end 2024, its holdings included a 0.72% stake in MicroStrategy (MSTR), equivalent of $500 million, 1.1% of Tesla (TSLA) and investments in Coinbase (COIN), Metaplanet (3350) and MARA Holdings (MARA).

NBIM crypto-related company exposure (K33 Research)

NBIM, which invests revenue from Norway’s oil and gas resources and is officially known as the Government Pension Fund Küresel, reported record annual profit of $222.4 billion, driven primarily by the artificial intelligence (AI) boom.

K33 analyst Vetle Lunde makes the point that NBIM’s indirect bitcoin exposure is likely a result of sector-weighted portfolios. As crypto proxies appreciate in value, their portfolio weightings increase.

NBIM declined to comment.