According to financial research firm K33, Norway’s government pension fund Global, the world’s largest sovereign wealth fund, has increased its Bitcoin exposure by 153% over the past year, equivalent to an additional 2,314 BTC. The fund’s total indirect Bitcoin exposure currently stands at 3,821 BTC.

Since 2020, the fund’s indirect Bitcoin exposure has grown from 796 BTC, then valued at $23 million, to just over $350 million by the end of 2024.

The fund, managed by Norges Bank Investment Management (NBIM), does not own Bitcoin directly, but has large holdings in crypto-focused companies such as MicroStrategy, Coinbase, and Metaplanet. The past year has been a good one for many tech companies, and that in turn has led to a significant increase in the Norwegian fund’s holdings.

What crypto-related stocks does this fund own? Data from NBIM’s website shows that the fund’s largest cryptocurrency holdings to date are MicroStrategy and Coinbase, with shares worth around $500 million each. Some of its smaller cryptocurrency holdings include around $46 million in MARA Holdings and $4.5 million in Metaplanet.

The company also holds over $14 billion in Tesla shares, and while Tesla holds some Bitcoin, it is not specifically focused on cryptocurrency like these other companies.

According to K33, the fund’s increasing indirect Bitcoin holdings mean it will hold 68,837 SAT ($64) per Norwegian citizen by the end of 2024.

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