Norway’s Wealth Fund Invests $1.2B in Bitcoin via Stocks

In 2025, Norway’s sovereign wealth fund significantly increased its indirect Bitcoin exposure via crypto company stocks, highlighting a growing trend among state funds integrating BTC into traditional finance.

Norway strengthens its position in Bitcoin

In 2025, Norway’s sovereign wealth fund has notably increased its indirect exposure to Bitcoin, avoiding direct BTC purchases while investing through shares in cryptocurrency companies.

The fund now holds over 11.9 billion Norwegian krone (around $1.2 billion) in Strategy’s stock — a 133% increase from 2024. It has also boosted its Coinbase stake by more than 96% year-over-year. This growth reflects a global trend of sovereign funds entering the crypto space via public market instruments.

Sovereign Funds Enter Crypto Through Corporate Proxies

Sovereign wealth and state pension funds are typically restricted to predefined asset classes such as bonds, equities, and ETFs. As a result, Bitcoin exposure often comes via:

• exchange-traded funds (ETFs),
• corporate bonds,
• shares in proxy companies like Strategy.

One example is the State of Wisconsin Investment Board (SWIB), which invested $164 million in BTC ETFs in 2024. By February 2025, its BTC exposure nearly doubled to over $321 million.

In July 2025, Kazakhstan’s sovereign wealth fund announced plans to convert part of its assets into crypto. National Bank Governor Timur Suleimenov said the move aims to boost investment returns and diversify reserves, including gold and foreign currencies.