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bitcoin

Norwegian Sovereign Wealth Fund’s Bitcoin Exposure Jumps 153% In 2024

Ash Tiwari
by Ash Tiwari
7 months ago
·
Posted in Bitcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

According to an X post by Vetle Lunde, Head of Research at K33 Research, Norway’s sovereign wealth fund, called Norges Bank Investment Management (NBIM), saw its indirect Bitcoin (BTC) exposure rise by 153% in 2024. 

NBIM’s Indirect Bitcoin Exposure Rises

The increasing adoption of BTC among corporations and nation-states is now reflected in financial instruments that may not necessarily have direct exposure to the digital asset. NBIM’s indirect BTC exposure grew from 2,446 BTC on June 30, 2024, to 3,821 BTC at the time of writing.

NBIM
Source: Vetle Lunde on X
Related Reading: Bitcoin Accumulation Continues: MicroStrategy Buys 10,107 BTC Amid Crypto Market Pullback

In terms of yearly growth, NBIM’s BTC exposure surged by approximately 153%, rising from 1,507 BTC at the end of 2023 to 3,821 BTC by the close of 2024. Lunde pointed out that this exposure stems from NBIM’s sector-based investment strategies rather than a deliberate effort to acquire BTC. He added:

NBIM’s indirect exposure is one of the strongest examples of how BTC is slipping into any well-diversified portfolio, and the growth is a testament to the market maturing and BTC ending up in any well-diversified portfolio, intended or not.

Essentially, Lunde emphasized that Bitcoin has matured to a point where it has become an indispensable part of major institutional investment strategies – whether intentionally or not.

Lunde also noted that NBIM has increased its exposure to Bitcoin-related entities such as the mining firm Riot Platforms and Japanese company Metaplanet. Additionally, despite earlier expectations of reduced exposure, NBIM has maintained a significant investment in MicroStrategy.

Notably, as of December 31, 2024, Norway’s per capita indirect BTC exposure stood at $64. Meanwhile, NBIM’s BTC exposure in USD terms has grown from $23 million in 2020 to $356 million in 2024. 

BTC Adoption Among Sovereign Funds 

While BTC adoption among corporations has been a growing trend in recent years, sovereign funds worldwide are increasingly warming up to the flagship cryptocurrency. A new report by Fidelity Digital Assets suggests that Bitcoin adoption by nation-states and government treasuries will drive the next wave of crypto expansion.

In October 2024, David Bailey, CEO of Bitcoin Magazine predicted that nation-state adoption of BTC will likely pick up in the coming years. At the time, Bailey said that there is an “undercurrent of Bitcoin nation-state adoption” occurring behind the scenes.

Related Reading: Bitcoin Holds Strong Amid Equity Turmoil Over Fed’s 2025 Rate Cut Outlook: Report

Recently, a Kansas state senator introduced a bill proposing that up to 10% of public employee retirement funds be allocated to Bitcoin ETFs. Similarly, North Dakota introduced a bill aiming to expand digital asset investments – including BTC – as a hedge against inflation.

Further, a report by Bitwise posited that BTC possesses characteristics that make it a potential form of ‘portfolio insurance’ against sovereign default risks. At press time, BTC trades at $101,868, down 0.6% in the past 24 hours.

bitcoin
BTC trades at $101,868 on the daily chart | Source: BTCUSDT on TradingView.com
Featured Image from Unsplash.com, Charts from X and TradingView.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Ash Tiwari

Ash Tiwari

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Ash is a seasoned freelance editor and writer with extensive experience in the blockchain and cryptocurrency industry. Over the course of his career, he has contributed to major publications, playing a key role in shaping informative, timely content related to decentralized finance (DeFi), cryptocurrency trends, and blockchain innovation. His ability to break down complex topics has allowed both seasoned professionals and newcomers to the industry to benefit from his work. Beyond these specific roles, Ash's writing expertise spans a wide array of content, including news updates, long-form analysis, and thought leadership pieces. He has helped multiple platforms maintain high editorial standards, ensuring that articles not only inform but also engage readers through clarity and in-depth research. His work reflects a deep understanding of the rapidly evolving blockchain ecosystem, making him a valuable contributor in a field where staying current is essential. In addition to his writing work, Ash has developed a strong skill set in managing content teams. He has led diverse groups of writers and researchers, overseeing the editorial process from topic selection, approval, editing, to final publication. His leadership ensured that content production was timely, accurate, and aligned with the strategic goals of the platforms he worked with. This has not only strengthened his expertise in content strategy but also honed his project management and team coordination skills. Ash's ability to combine technical expertise with editorial oversight is further bolstered by his knowledge of blockchain analysis tools such as Etherscan, Dune Analytics, and Santiment. These tools have provided him with the data necessary to create well-researched, insightful articles that offer deeper market perspectives. Whether it’s tracking the movement of digital assets or analyzing blockchain transactions, his analytical approach adds value to the content he produces, ensuring readers receive accurate and actionable information. In the realm of content creation, Ash is not limited to just cryptocurrency markets. He has demonstrated versatility in covering other emerging technologies, market trends, and digital transformation across various industries. His in-depth research, coupled with a sharp editorial eye, has made him a sought-after professional in the freelance writing community. From developing editorial calendars to managing content delivery schedules, he has honed a meticulous approach to project management that ensures timely, high-quality work delivery. Throughout his freelance career, Ash has consistently focused on improving audience engagement through well-researched, insightful, and relevant content. His ability to adapt to the evolving needs of clients, whether it's enhancing the visibility of digital platforms or producing thought-provoking pieces for a wide range of audiences, sets him apart as a dynamic force in the field of digital content creation. His contributions have helped to shape a well-rounded portfolio that showcases his versatility, technical expertise, and dedication to elevating the standards of journalism in blockchain and related sectors.

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