Norway Sovereign Wealth Fund Posts 248B Profit In 2025 As Tech Stocks Surge

TLDR

• Fund posted $248B profit in 2025, lifting value to $2.2T.
• Gains driven by US tech stocks including NVIDIA, Apple, and Microsoft.
• Indirect Bitcoin exposure rose 149% to 9,573 BTC in 2025.
• Fund holds stakes in over 7,200 firms across 60 countries.

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Norway’s sovereign wealth fund posted a $248 billion profit in 2025, lifting its total market value to about $2.2 trillion. The return was driven by strong gains in US technology and financial stocks, while indirect Bitcoin exposure also increased during the year.

The Government Pension Fund Global is managed by Norges Bank Investment Management. It invests on behalf of the Norwegian public across global markets. The fund remains one of the largest state-owned investors in the world.

Strong Equity Gains Drive 2025 Performance

Equities delivered the largest share of returns in 2025. American technology firms led the gains, supported by demand linked to artificial intelligence and digital services.

The fund holds major stakes in companies such as NVIDIA, Apple, and Microsoft. Financial stocks in the United States also contributed to the annual result. Rate cuts during the year supported equity markets, while corporate earnings remained firm.

Chief Executive Nicolai Tangen said AI optimism and monetary easing helped boost returns. He also pointed to solid company performance across key sectors.

The fund invests in more than 7,200 companies across 60 countries. Its broad exposure allows it to capture growth across regions and industries.

Portfolio Expansion Across Asset Classes

While equities led gains, the fund also expanded other investments. It increased allocations to renewable energy infrastructure, fixed income assets, and global real estate.

Renewable infrastructure projects received additional capital during the year. The fund continued to seek stable long-term returns from energy assets. Bond holdings also provided income as interest rate conditions shifted.

Real estate investments remained part of the diversified strategy. The fund owns properties in major global cities, and it maintains a long-term investment approach.

Norges Bank Investment Management oversees the portfolio under guidelines set by Norway’s government. The objective is to preserve and grow wealth for future generations.

Indirect Bitcoin Exposure Rises

The fund does not directly hold Bitcoin. However, it has indirect exposure through listed companies with Bitcoin on their balance sheets or core operations.

According to K33 Head of Research Vetle Lunde, indirect Bitcoin exposure rose 149% in 2025. The exposure reached 9,573 BTC by year-end. This increase was linked to equity holdings in firms such as Strategy, MARA, Metaplanet, Coinbase, and Block.

Most of the crypto-related exposure is tied to Bitcoin-focused companies. The fund has no major holdings in firms centered on other digital assets.

Despite the increase, Bitcoin exposure represents a small share of total assets. With total assets at $2.2 trillion, the allocation remains limited within the broader portfolio.

The rise reflects market movements and stock performance rather than a direct Bitcoin purchase strategy. As these companies’ valuations changed, the fund’s indirect exposure adjusted accordingly.

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