Bigger Bets on Bitcoin, Indirectly
The GPFG — valued at more than $1.6 trillion — has been steadily increasing its BTC exposure.
According to K33 Research, the fund’s indirect Bitcoin position grew 192% year-over-year, now equivalent to 7,161 BTC via equity stakes in Bitcoin-heavy companies.
Billions Flow Into BTC Proxies
- GPFG holds more than 11.9 billion Norwegian krone (~$1.2 billion USD) in MicroStrategy — up 133% since 2024.
- Its Coinbase holdings have surged 96% in the same period.
By investing in these companies, the fund benefits from Bitcoin price appreciation without directly holding BTC — a likely consequence of legal investment restrictions that limit sovereign wealth funds to assets like equities, bonds, and corporate debt.
The “Side Door” Strategy
This method of Bitcoin exposure — dubbed the side door strategy — is becoming common among sovereign wealth funds bound by regulatory constraints. Popular approaches include:
- Bitcoin ETFs
- Corporate proxies (e.g., MicroStrategy, Metaplanet)
- Bonds or equity in crypto-related firms
A Global Trend Emerges
Norway is not alone in this approach:
- The State of Wisconsin Investment Board (SWIB), managing ~$150 billion, recently doubled its Bitcoin ETF investments to $321 million and sold $50 million worth of MicroStrategy stock.
- Kazakhstan’s sovereign wealth fund announced in July 2025 that it will shift part of its reserves — including USD and gold — into cryptocurrency as part of a diversification strategy.
As Bitcoin becomes more intertwined with mainstream finance, experts believe sovereign wealth funds will continue to find innovative ways to gain exposure — whether by adding indirect holdings or pioneering regulatory-compliant workarounds.
