Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, holds indirect Bitcoin exposure of 3,821 BTC ($356M), less than 0.1% of its $1.7T portfolio, driven by investments in firms like MicroStrategy and Coinbase. This aligns with its index-driven strategy, not a deliberate Bitcoin focus. Policy resistance to increasing this allocation stems from the fund’s conservative mandate, prioritizing diversification and stability over volatile assets. Norway’s parliament enforces strict ethical and risk guidelines, and the fund avoids direct crypto holdings, mirroring its stance on gold. Despite global trends toward Bitcoin ETFs, changing the mandate for direct exposure faces political and regulatory hurdles, requiring broad consensus. The fund’s passive Bitcoin growth reflects market maturation, but active policy shifts remain unlikely.