Norwegian Sovereign Wealth Fund Doubles Down on Bitcoin Within a Year, Indirect Holdings Surge to Over 7,000 BTC

According to data, the fund currently holds over $1.2 billion worth of Strategy stocks, an increase of 133% since 2024; its holdings in Coinbase have also risen by more than 96% since 2024.

The Norwegian Sovereign Wealth Fund has indirectly increased its Bitcoin holdings, reflecting a broad trend among global sovereign wealth funds to indirectly engage with Bitcoin through investment tools and Bitcoin reserve companies.

Most sovereign wealth funds and national pension funds are legally limited to investing in established asset classes, such as fixed-income securities, corporate bonds, and stocks. Therefore, if they wish to allocate funds to Bitcoin or other cryptocurrencies, fund managers must do so indirectly, such as by purchasing ETFs, corporate bonds, or stocks of publicly traded companies with Bitcoin exposure.

The State of Wisconsin Investment Board (SWIB) is one of the earliest state-level pension funds in the United States to disclose indirect Bitcoin holdings, having invested $164 million in a Bitcoin ETF. According to SEC filings, SWIB disclosed in February this year that its Bitcoin holdings nearly doubled to $321 million. Although the fund partially reduced its holdings in May, it still retains approximately $50 million in Strategy stock holdings.

Furthermore, the Kazakh sovereign wealth fund also announced in July this year plans to convert a portion of its assets into cryptocurrency. The country’s central bank governor, Timur Suleimenov, stated that this move aims to create more investment returns for the fund and is currently assessing the feasibility of converting other assets such as gold and foreign exchange reserves into cryptocurrency.