Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), has indirect exposure to 7,161 BTC, worth approximately $862.8 million per K33 survey as of June 30.
It rose 88% in six months and 193% in a year as funds increased the number of stocks in listed companies that hold Bitcoin on their balance sheets.
MicroStrategy remains the largest channel, with NBIM owning 1.05% from 0.72% at the end of 2024. Additional exposures are performed via Block, Coinbase, Marathon Digital, and the Japanese Metaplanet.
Per capita, it is 1,387 Norwegian cloners of Bitcoin exposure for all citizens. In other words, index-grade portfolios already carry the risk of Bitcoin without explicit sovereignty duties.
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Norwegian Crypto Strategy: Mining Restrictions, Service Possibilities and Market Gap highlights opportunities
In June, Oslo signaled a temporary ban on new power-intensive crypto mining data centres to save energy in other sectors.
Digitalization Minister Kalianne Tun highlighted the government’s intention to limit proof of job mining, citing high-power draws and low local job creation.
That limitation curbs short-term mining in Norway. Still, it clarifies lanes for detention, settlement, regulated market infrastructure, and local leadership where institutional finance services, abundant clean energy, strong rule of law, and a conservative risk culture are competitive advantages.
And you have critics like McKinsey’s Martin Bech Holte. He warns that the $20 oil-funded model brings satisfaction with a decline in student scores, high sick leave rates, and taxation systems that are considered to punish entrepreneurs’ success.
This is important for cryptography. To attract and maintain talent to build a high-value blockchain infrastructure, current brain drainage needs to be reversed.
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Highly recognized bats for low penetration
Norway’s perception of Crypto is almost abnormal at 96%, but now they only own 11%, with two-thirds of holders allocating less than 5% savings, with most positions at NOK 50,000.
Defi usage is negligible at 6%, while NFT adoption is only 1%. The most common reasons for non-ownership are lack of interest, lack of knowledge, and perceptions of high risk.
This careful profile, coupled with near-similar perceptions, is a major set-up for the gradual deployment of bank integrated custody, pension-related exposure, and tokenized real-world asset pilots.
The three moves could position Norway as a global crypto hub. It enables direct sovereign BTC exposure via listed ETPs, builds national custody/settlement stacks with clear accounting, launches tokenized goods and trade finance pilots in energy, fishing and shipping.
NBIM already owns 1.5% of its global stock, so Norway has a lower political risk and worsens strategic profits, allowing it to extend its market plumbing advantage to crypto.
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