The average Norwegian “owns” $27 worth of Bitcoin indirectly as of the first half 2024, thanks to investments made by the country’s sovereign wealth fund.

According to K33Research, the Norwegian sovereign wealth fund (NBIM) now has indirect exposure to 2,446 BTC through investments in tech firms with exposure to the cryptocurrency. Its “holdings,” worth just over $143 million, have increased by 938 BTC since December 31, 2023.

The $1.7 trillion Norges Bank Investment Management fund invests the country’s sizable oil revenues on behalf of the Norwegian population of 5.5 million.

Vetle Lunde, a senior analyst at K33Research, said that the country's exposure to Bitcoin via its flagship wealth fund is “unlikely to stem from an intentional choice.”

Lunde argued that if the country intended to increase its Bitcoin exposure, “we'd see more evidence of direct exposure initiatives (and significantly larger exposure).”

Instead, the wealthy Northern European country's growing exposure to Bitcoin comes from rising allocations in companies like MicroStrategy, Block and Marathon Digital, who hold large amounts of Bitcoin in their corporate treasuries.

Software firm MicroStrategy is currently one of the world’s largest single Bitcoin holders under the leadership of its chair Michael Saylor.

Norway increased its holdings of MicroStrategy stock from 0.67% to 0.89% in the first half of 2024, while MicroStrategy increased its Bitcoin exposure by 37,181 Bitcoin over the same period.

The wealth fund also poured money into mining firm Marathon Digital, with its exposure moving from 0% to 0.82% in H1 2024, crypto exchange Coinbase (from 0.49% to 0.83%) and Block, Inc (from 1.09% to 1.28%).

Lunde said the statistics indicate “how Bitcoin is maturing as an asset.”

The fund actively seeks to use diversification to reduce risk, as part of its publicly stated aims.

Which governments hold the most Bitcoin?

Many countries hold large reserves of Bitcoin, but it’s often not an intentional investment decision.

The US Government holds just over $12.5 billion worth of Bitcoin, per BitcoinTreasuries, about 1% of the world supply.

This comes from confiscating cryptocurrency after cracking down on criminal activity, rather than buying it as an investment, and has periodically engaged in sales of its seized crypto.

Republican presidential contender Donald Trump has advocated using its holdings as the building block of a strategic Bitcoin reserve.

The UK, which holds $3.5 billion of Bitcoin, takes a similar approach of not selling the Bitcoin it confiscates.

El Salvador, meanwhile, has implemented a policy of intentionally building up a reserve of Bitcoin. The Central American country, where Bitcoin is legal tender, now has reserves of 5,800 Bitcoin, worth roughly $339 million—working out at almost $54 per citizen.