Norway’s Oil Fund Increases Bitcoin Exposure to $844 Million

Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, is rapidly expanding its crypto-related portfolio. According to data from Cointelegraph, the fund now indirectly holds 7,161 BTC, worth around $844 million, through investments in Strategy, Metaplanet, and the Coinbase exchange.

The fund’s Bitcoin exposure has increased by 192% over the past year, reflecting a marked shift in how sovereign wealth funds view crypto. The fund’s Coinbase portfolio has also nearly doubled since 2024, while its investment in Strategy has increased by 133%.

Bitcoin Becomes a Strategic Asset Class

According to analysts at K33 Research, the move reflects a broader trend: large institutions are embracing Bitcoin as part of modern treasury management. While current regulations do not allow the Norwegian fund to buy BTC directly, it has leveraged ETFs, exchange-traded shares, and Bitcoin holding companies to expand its exposure.

Norway is not alone. Abu Dhabi, Singapore, Kazakhstan, and many other countries are also implementing similar strategies. In the US, at least 15 states have initiated Bitcoin reserve plans, with Wisconsin leading the way with a $164 million investment in a BTC ETF.

Shifting Supply-Demand Balance

With a fixed supply of 21 million BTC, increased holdings by global governments and financial institutions could create significant supply pressure, contributing to long-term price gains. A new report from Pinnacle Digest says that Spot Bitcoin ETFs alone have accumulated over $65 billion in assets under management as of Q1 2025, with BlackRock iShares leading the way with $18 billion.

The Future: Bitcoin on National Balance Sheets?

The Norwegian Fund’s move is a sign that Bitcoin is moving beyond being a speculative asset and closer to becoming a macro-financial instrument. As regulatory frameworks like the EU’s MiCA and more transparent policies in the US are implemented, the trend of sovereign funds adding Bitcoin to their portfolios is expected to accelerate.