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Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), was reported to have increased its indirect exposure to Bitcoin by 153% year-over-year, reaching a total of 3,821 BTC, valued at approximately $400 million as of December 31, 2024. This growth in Bitcoin exposure comes through the fund’s investments in companies like MicroStrategy, Riot, MARA, Coinbase (NASDAQ:COIN), Canaan, and Metaplanet.
The Government Pension Fund Global (GPFG), controlled by Norway’s central bank and directed by the Ministry of Finance, is one of the largest of its kind in the world, with assets exceeding $1.5 trillion. These assets are diversified across global equities, bonds, and real estate. The increase in Bitcoin exposure, according to K33 analyst Vetle Lunde, is likely a result of rule-based sector weighting rather than a deliberate strategy to invest in Bitcoin.
MicroStrategy leads NBIM’s Bitcoin-related investments, with the fund holding 0.72% of the company’s shares, amounting to $514 million and translating to an indirect exposure of 3,214.08 BTC. Despite a decrease in share percentage from 0.89% as of June 30, 2024, NBIM’s actual shareholding in MicroStrategy increased from 1.12 million to 1.58 million during the same period. This change was unexpected for Lunde, who had anticipated a substantial reduction following MicroStrategy’s capital raise plan, which diluted the share count.
NBIM’s other notable Bitcoin-related holdings include shares in MARA, Tesla (NASDAQ:TSLA), Coinbase, and Riot Platforms (NASDAQ:RIOT), which contribute to its Bitcoin exposure by 315.2 BTC, 106.9 BTC, 80.6 BTC, and 76.7 BTC, respectively. Lunde found the added exposure in Riot and Metaplanet particularly noteworthy, suggesting that corporate Bitcoin treasury strategies have influenced the fund’s holdings.
The sovereign wealth fund’s strategy has significantly boosted its value, with NBIM’s investment in MicroStrategy alone increasing more than sevenfold over the past 12 months. As a result, the Norwegian population has an indirect per capita exposure of 68,837 satoshis, valued at $64 by the end of 2024. This marks a substantial growth from a $23 million indirect BTC exposure in 2020 to $356 million in 2024, reflecting the maturing market for Bitcoin and its increasing integration into diversified investment portfolios.
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