Norway's Sovereign Wealth Fund Quietly Amasses $400M in Indirect Crypto Exposure

Norway's Government Pension Fund Global has accumulated an estimated $400 million in Bitcoin and Ethereum exposure, but not directly. The fund holds shares in companies with crypto-related businesses or balance sheets, such as Strategy, MARA Holdings, Coinbase, and Tesla.

According to estimates by K33 Research, the fund's indirect exposure to Bitcoin has grown significantly over the years. In 2020, it was approximately 796 BTC, which had increased to around 3,821 BTC by the end of 2024, worth about $356.7 million at the time.

The numbers are expected to continue rising, with estimates suggesting a high of 9,573 BTC by mid-2025 and 11,549 BTC in the first half of 2026. The total exposure is reported to be around $400 million for both Bitcoin and Ethereum.