Norway's Sovereign Wealth Fund, the largest state-directed wealth fund globally, has increased its indirect Bitcoin exposure by 192% over the past year, amounting to holdings equivalent to 7,161 BTC, according to K33 Research. Instead of holding Bitcoin directly, the fund has invested in crypto companies such as Strategy, Metaplanet, and the exchange Coinbase. Currently, it holds over 11.9 billion Norwegian krone ($1.2 billion) in Strategy's stock and has boosted its Coinbase holdings by more than 96% since 2024. This move is part of a broader trend among sovereign wealth funds to invest in Bitcoin through proxies, as direct investment is typically restricted by their legal mandates. Similar strategies have been observed with the State of Wisconsin Investment Board, which increased its BTC holdings through ETFs, and Kazakhstan’s sovereign wealth fund, exploring crypto to enhance investment income. The trend reflects Bitcoin’s growing integration into the traditional financial system.

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