The appetite of large institutions for Bitcoin remains intact, but it often manifests where it is expected. In 2025, the Norwegian sovereign fund, a major player in public asset management, almost tripled its indirect exposure to the first cryptocurrency. No direct purchase of BTC is planned, but a well -thought -out strategy allows it to anchor firmly in the crypto ecosystem.
In short
- Norway triples its exposure to bitcoin via key companies, without direct purchase.
- Sovereign funds bypass restrictions thanks to Crypto ETFs and companies.
- From Kazakhstan to the United States, Bitcoin wins a strategic place in state portfolios.
A methodical rise
According to K33 Research, the indirect exposure of the fund reached 7,161 BTC, representing approximately $ 1.2 billion. This progression stems from a significant strengthening of its positions in Microstrategy, Metaplanet and the American platform Coinbase.
In one year, Microstrategy jumped 133 % and Coinbase increased by 96 % in its participations. In total, his exhibition to Bitcoin jumped 192 % compared to 2024.
This approach to Norway is explained by a regulatory framework which often prohibits sovereign funds with the direct purchase of cryptos. Managers therefore favor intermediate vehicles, or proxies, that is to say companies and funds that themselves hold Bitcoin.
A global trend that asserts itself for Bitcoin
Norway is not the only one to increase its exposure. In the United States, the SWIB was one of the first public funds to invest in Bitcoin through ETF. The investment of 164 million almost doubled in February at 321 million, then was reduced in May. More than 1,300 new ETFs were launched in the United States, a sign of an increasing institutional craze for this product.
This choice to invest in Bitcoin without directly holding it provides precious flexibility, while respecting strict regulatory constraints.
This indirect exposure becomes a strategic tool to capture the performance of the Crypto market while limiting the political and operational risks linked to direct possession.
Cap to the east: Kazakhstan follows the same path
In July, the Kazakhstan sovereign fund announced a similar change in orientation, providing for a part of its reserves, including gold and foreign currencies, in crypto. According to Timur Suleimenov, director of the National Bank, this decision aims to diversify the income from the fund and take advantage of the growth potential of the Crypto market.
These developments reflect a discreet, but determining tilting: bitcoin and other cryptocurrencies are no longer perceived only as speculative assets. They gradually settle in the heritage management of states. In the United States, for example, it is already possible for banks to buy and keep cryptocurrencies. Each movement of these major players could ultimately weigh on the future market valuation.
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