Norway’s sovereign wealth fund, the Government Pension Fund Global, one of the world’s largest state-owned investment vehicles, generated $248 billion in profit in 2025, lifting its market value to roughly $2.2 trillion.
The massive profit was driven by gains in American technology and financial stocks, with strong contributions from US companies, including major stakes in NVIDIA, Apple, and Microsoft.
CEO Nicolai Tangen said AI optimism, rate cuts, and solid corporate earnings supported returns, while the fund also grew renewable infrastructure, fixed income, and real estate investments.
Managed by Norges Bank Investment Management (NBIM), the fund invests in equities, bonds, property, and renewable energy infrastructure on behalf of the Norwegian public. It now holds stakes in over 7,200 companies across 60 countries.
NBIM’s portfolio gives the sovereign wealth fund indirect exposure to Bitcoin, though it represents a tiny fraction of its total assets.
According to K33’s Head of Research, Vetle Lunde, the fund’s indirect Bitcoin exposure climbed 149% in 2025, driven by its stakes in Strategy, MARA, Metaplanet, Coinbase, and Block.
Once again, back on duty to cover the indirect BTC ownership of the world’s largest sovereign wealth fund, Norway’s Oil Fund.
While BTC price action has been horrendous for a while, NBIM’s indirect BTC exposure marches higher. It grew by 149% in 2025 to 9,573 BTC. pic.twitter.com/zOIeQYqDx3
— Vetle Lunde (@VetleLunde) January 30, 2026
NBIM’s crypto exposure is almost entirely to Bitcoin, with no major holdings in other crypto-focused firms.
