The $1.7 Trillion Whale is Stacking Sats (Accidentally?) 🇳🇴🚀
Norway’s Government Pension Fund Global—the largest sovereign wealth fund on the planet—just finished a record-breaking year for its Bitcoin exposure. $我踏马来了
New data from K33 Research reveals the fund’s indirect Bitcoin holdings surged by 149% in 2025, bringing its total stash to a staggering 9,573 BTC. $PIPE
The "Trojan Horse" Strategy 🐎
Here’s the kicker: The Norwegian government isn’t actually buying Bitcoin directly. They are getting "orange-pilled" through their stock portfolio. $CLANKER
By simply maintaining and rebalancing stakes in public companies, the fund has become one of the largest institutional BTC holders in Europe.
The exposure is driven by:
MicroStrategy (MSTR): The primary engine, accounting for the vast majority of the growth.
Crypto Infrastructure: Increased stakes in Coinbase and Block (SQ).
Bitcoin Miners: Significant holdings in firms like Marathon Digital.
Why This Matters 📈
Even without a direct mandate to buy crypto, the world’s most sophisticated "conservative" fund is being pulled into the orbit of digital assets. As Bitcoin-heavy companies grow their market cap, they take up more space in global indices—forcing the world’s biggest whales to increase their exposure whether they intended to or not.
With a total value of roughly $837 million (8.5 billion NOK), Norway's Bitcoin "side-bag" is no longer just a rounding error. It’s a signal that Bitcoin has officially permeated the foundation of global finance.