Bitcoin exposure worth over $355 million is held indirectly by the globe’s largest sovereign wealth fund.

Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has seen a significant 153% increase in its indirect Bitcoin (BTC) exposure over the course of 2024, reaching a total of $356.7 million, according to K33 Research.

By the close of 2024, the fund had accumulated 3,821 BTC, marking a sharp rise from 1,507 BTC the previous year and 796 BTC in 2020. This growth in Bitcoin holdings is indicative of NBIM’s increasing indirect exposure to the cryptocurrency as part of its broader investment strategy.

In addition to its Bitcoin exposure, NBIM holds significant stakes in several crypto-related companies. At the end of 2024, its portfolio included a 0.72% stake in MicroStrategy (MSTR), valued at $500 million, a 1.1% share of Tesla (TSLA), as well as investments in Coinbase (COIN), Metaplanet (3350), and MARA Holdings (MARA).

The fund, which primarily invests the revenues generated from Norway’s oil and gas resources, also reported a record annual profit of $222.4 billion for 2024, largely driven by the rapid growth of artificial intelligence (AI) stocks.

K33 analyst Vetle Lunde points out that NBIM’s increased indirect exposure to Bitcoin likely reflects the portfolio’s sector-weighted approach, where the value appreciation of crypto-related assets leads to an increase in their proportion within the fund’s broader investment strategy.