Norway's Wealth Fund Increases Bitcoin Exposure by 153% in 2024

Norway's sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly boosted its indirect Bitcoin holdings, raising its exposure by 153% in 2024 to a total of 3,821 BTC. This surge in holdings, highlighted by Vetle Lunde, a senior analyst at K33 Research, likely reflects strategic sector investments rather than a direct focus on Bitcoin.

Lunde suggested that this growth signifies Bitcoin’s growing role in diversified portfolios, with its increasing institutional presence pointing to a more mature market. He noted that NBIM had expanded its investments in companies such as Riot Platforms and Metaplanet, while his prediction regarding MicroStrategy’s stake adjustment didn’t come to fruition, as the fund continued to hold a substantial position.

By the end of 2024, the fund's Bitcoin exposure per capita was valued at 68,837 sats, or approximately $64. Since 2020, NBIM’s Bitcoin holdings have seen a dramatic rise in value, escalating from $23 million to $356 million. As of January 29, the Norwegian Pension Fund stands as the world’s largest sovereign wealth fund, with assets totaling $1.7 trillion.