Norway’s sovereign wealth fund, the Authorities Pension Fund World, one of many world’s largest state-owned funding automobiles, generated $248 billion in revenue in 2025, lifting its market worth to roughly $2.2 trillion.
The large revenue was pushed by positive aspects in American expertise and monetary shares, with sturdy contributions from US firms, together with main stakes in NVIDIA, Apple, and Microsoft.
CEO Nicolai Tangen mentioned AI optimism, price cuts, and stable company earnings supported returns, whereas the fund additionally grew renewable infrastructure, fastened revenue, and actual property investments.
Managed by Norges Financial institution Funding Administration (NBIM), the fund invests in equities, bonds, property, and renewable vitality infrastructure on behalf of the Norwegian public. It now holds stakes in over 7,200 firms throughout 60 international locations.
NBIM’s portfolio offers the sovereign wealth fund oblique publicity to Bitcoin, although it represents a tiny fraction of its whole property.
Based on K33’s Head of Analysis, Vetle Lunde, the fund’s oblique Bitcoin publicity climbed 149% in 2025, pushed by its stakes in Technique, MARA, Metaplanet, Coinbase, and Block.
As soon as once more, again on obligation to cowl the oblique $BTC possession of the world’s largest sovereign wealth fund, Norway’s Oil Fund.
Whereas $BTC worth motion has been horrendous for some time, NBIM’s oblique $BTC publicity marches greater. It grew by 149% in 2025 to 9,573 $BTC. pic.twitter.com/zOIeQYqDx3
— Vetle Lunde (@VetleLunde) January 30, 2026
NBIM’s crypto publicity is nearly fully to Bitcoin, with no main holdings in different crypto-focused corporations.
