For years, sovereign wealth funds (SWFs) have been synonymous with conservative investments—favoring government bonds, blue-chip stocks, and real estate.
However, as the global financial landscape shifts, some of the world’s largest state-backed funds are quietly exploring cryptocurrency and blockchain technology.
From Norway and Singapore to the UAE and Canada, sovereign funds are diversifying into digital assets, whether through direct exposure to Bitcoin (BTC) or investments in blockchain infrastructure.
Even the U.S. may soon follow, as President Donald Trump recently signed an executive order to establish a federal sovereign wealth fund, sparking speculation over its potential crypto allocations.
Sovereign wealth funds are state-owned investment funds that manage national reserves, often derived from trade surpluses, natural resources, or foreign exchange earnings.
Traditionally, these funds focus on low-risk, long-term assets. However, recently, crypto and blockchain technology are increasingly making their way into SWF portfolios.
Here is a list of SWFs that are betting on crypto through direct or indirect exposure.
Norway’s Norges Bank Investment Management (NBIM), the entity managing the country’s $1.5 trillion oil fund, has significantly increased its indirect Bitcoin exposure.
NBIM holds nearly $500 million worth of MicroStrategy shares , reflecting the growing intersection between traditional finance and Bitcoin.
This indirect BTC exposure has climbed from 2,446 BTC in mid-2024 to 3,821 BTC by year-end, largely due to the fund’s rule-based sector weighting rather than a direct strategy shift toward digital assets.
Beyond MicroStrategy, NBIM has exposure to Bitcoin through investments in Tesla , Nexon, Riot Platforms, and Metaplanet.
Its total indirect BTC exposure has surged from $23 million in 2020 to $356 million by the end of 2024, marking a substantial shift in allocation.
Singapore’s sovereign wealth funds, GIC and Temasek, have taken a measured approach to crypto, focusing on blockchain infrastructure rather than direct Bitcoin holdings.
While Temasek has publicly stated it does not hold Bitcoin directly , its strategic investments suggest an openness to digital assets as part of broader financial innovation.
The UAE, aiming to reduce its dependence on oil, has positioned itself as a global leader in crypto adoption.
Additionally, the UAE is rumored to have more than double the holdings of the U.S. following multiple reports claiming it had amassed an absurd $40 billion in BTC.
Saudi Arabia’s Public Investment Fund (PIF) is gradually exploring blockchain and crypto-related ventures as part of its Vision 2030 strategy.
While PIF has yet to make direct Bitcoin purchases, it has invested in crypto exchanges and blockchain-based financial platforms.
The country is also working on blockchain-powered payment solutions , signaling a growing interest in digital assets beyond speculative investments.
Canada’s sovereign wealth and pension funds are slowly increasing their exposure to crypto assets:
On Feb. 3, 2025, President Donald Trump signed an executive order to establish a federal sovereign wealth fund—a move that has sparked speculation over its potential investment in Bitcoin.
“The potential creation of a U.S. sovereign wealth fund under Trump, with possible allocations to Bitcoin, could significantly boost market sentiment and further legitimize cryptocurrency as an asset class,” said Ryan Lee, Chief Analyst at Bitget Research.
While the fund’s investment strategy remains undisclosed, many believe Bitcoin could be a part of its portfolio, especially as the U.S. turns pro-crypto.
However, the extent of its exposure to Bitcoin remains uncertain, and regulatory hurdles could complicate direct investments in digital assets.
“This introduces new variables, including political and policy risks, which could contribute to heightened price volatility,” Lee added.