Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has disclosed that it holds over $500 billion worth of MicroStrategy (MSTR) equities, marking a significant exposure to Bitcoin-linked assets. The fund also recently reported record-breaking profits from investments in the U.S. technology sector for 2024.
According to NBIM’s records, as of the end of 2024, its total MSTR holdings were valued at approximately $514 billion. In addition to MicroStrategy, the wealth fund has investments in other Bitcoin-affiliated companies, including MetaPlanet, Coinbase, Globant, Mara Holdings, and Riot Platforms.
Indirect Bitcoin Exposure Surges by 1199%
NBIM’s indirect Bitcoin exposure has also grown significantly. Vetle Lunde, Head of Research at K33, noted in a January 29 post on X that the fund’s Bitcoin exposure from its MSTR shares increased by 1199%.
Lunde also highlighted that NBIM’s Bitcoin exposure surged by 153% in 2024, largely driven by corporate Bitcoin treasury strategies led by figures such as MicroStrategy’s Michael Saylor, Twitter co-founder Jack Dorsey, and Marathon Digital CEO Fred Thiel.
NBIM’s Bitcoin exposure in USD terms has increased from $23 million in 2020 to $356 million in 2024, with a total valuation reaching 4 billion Norwegian Krone by the end of 2024.
$222 Billion Profit from Tech Investments
According to a January 29 report from Reuters, NBIM reported a record annual profit of 2.51 trillion Norwegian Krone ($222 billion) in 2024.
The gains were largely fueled by U.S. tech stocks, with nearly half of the returns coming from the technology sector. Among the top-performing investments in NBIM’s portfolio were:
- $46.2 billion in Apple (AAPL) shares
- $43 billion in Microsoft (MSFT) shares
- $42.9 billion in Nvidia (NVDA) shares
NBIM CEO Nicolai Tangen described 2024 as a “very strong year”, but warned that such returns may not be sustainable in the future. “I just want to warn again that this will not last forever,” he cautioned.
Shifting Portfolio Composition
While NBIM continues to expand its Bitcoin exposure, its overall asset allocation has undergone adjustments:
- Equities: Increased to 71.4% of the portfolio (up from 70.9% in 2023)
- Bond investments: Declined slightly to 26.6% (from 27.1%)
- Unlisted real estate investments: Dropped to 1.8% (from 1.9%)
- Renewable infrastructure investments: Remained at 0.1%
The fund’s overall return on investment for 2024 stood at 13%, slightly below its benchmark index by 0.45%. Equity investments returned 18%, while fixed-income investments brought in just 1%. Unlisted real estate saw a 1% decline, and renewable energy infrastructure recorded a 10% loss.
Conclusion
NBIM’s record-setting $222 billion profit in 2024 highlights the continued dominance of U.S. tech stocks in global markets. Meanwhile, the fund’s increasing exposure to Bitcoin-linked companies signals growing institutional interest in digital assets. However, with fluctuations in asset allocations and potential market risks, NBIM’s investment strategy remains one to watch closely in 2025.
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