The world’s largest SOVEREIGN WEALTH Fund, Norway’s Norway’s Bank Investment Management (NBIM), has collected $ 356.7 million in indirect Bitcoin (BTC) exposure, according to K33 Research.

At the end of 2024, the Fund indirectly held 3,821 BTC, reflecting an increase of 153% over the year from 1,507 BTC, according to K33. The data highlights the Fund’s developing indirect Bitcoin exposure, growing from only 796 BTC in 2020.

NBIM also maintains efforts in a number of crypto-related public companies. From the end of the year 2024, its holdings included a share of 0.72% in Microstratey (Mstr), equivalent of $ 500 million, 1.1% of Tesla (TSLA) and investments in Coinbase (Coin), Metaplanet (3350) and Mara Holdings (Mara).

NBIM, who invests revenue from Norway’s oil and gas resources and is officially known as Government Pension Fund Global, reported record annual profit of $ 222.4 billion, primarily driven by the Artificial Intelligence (AI) Boom.

K33 analyst Vetle Lunde points out that NBIM’s indirect Bitcoin exposure is probably a result of sector-weighted portfolios. When crypto -proxies value in value, their portfolio weight increases.

NBIM refused to comment.