Bitcoin: Norway Invests More Than Ever

The appetite of large institutions for Bitcoin remains intact, but it often manifests where it is least expected. In 2025, the Norwegian sovereign wealth fund, a major player in public asset management, has nearly tripled its indirect exposure to the leading cryptocurrency. No direct BTC purchases are planned, but a well-thought-out strategy allows it to establish a solid foothold in the crypto ecosystem.

A Methodical Rise in Power

According to K33 Research, the fund’s indirect exposure reaches 7,161 BTC , representing about 1.2 billion dollars. This increase stems from a significant strengthening of its positions in MicroStrategy, Metaplanet, and the American platform Coinbase.

In one year, MicroStrategy jumped 133% and Coinbase increased by 96% in its holdings. Overall, its exposure to Bitcoin has surged by 192% compared to 2024.

This Norwegian approach is explained by a regulatory framework that often forbids sovereign wealth funds from direct crypto purchases. Managers therefore favor intermediate vehicles, or proxies, meaning companies and funds that themselves hold bitcoin.

A Global Trend That Is Establishing for Bitcoin

Norway is not the only one increasing its exposure. In the United States, the SWIB was one of the first public funds to invest in Bitcoin through ETFs. The investment of 164 million nearly doubled in February to 321 million, then was reduced in May. Over 1,300 new ETFs have been launched in the United States, a sign of growing institutional enthusiasm for this product.

This choice to invest in bitcoin without holding it directly offers valuable flexibility while respecting strict regulatory constraints.

This indirect exposure becomes a strategic tool to capture the performance of the crypto market while limiting political and operational risks related to direct ownership.

Heading East: Kazakhstan Follows the Same Path

In July, the Kazakhstan sovereign wealth fund announced a similar change of direction, planning to convert part of its reserves, including gold and foreign currencies, into crypto. According to Timur Suleimenov, director of the National Bank, this decision aims to diversify the fund’s revenues and benefit from the growth potential of the crypto market.

These developments reflect a discreet but decisive shift: bitcoin and other cryptocurrencies are no longer seen solely as speculative assets. They are gradually settling into the asset management of states. In the United States, for example, it is already possible for banks to buy and hold cryptocurrencies . Each move by these major players could ultimately influence the future valuation of the market.