Internet reports that Norway's sovereign wealth fund Norges Bank suffered a huge loss of approximately US$40 billion in the first quarter of 2025, mainly due to the poor performance of the U.S. stock technology sector. As of the end of 2024, the fund indirectly held approximately 3,821 bitcoins by holding stocks in companies such as MicroStrategy, Coinbase, Marathon Digital and Riot Platforms, with a market value of approximately US$356 million. Although there is currently no indication that the fund will directly invest in Bitcoin or related ETFs, market analysis points out that sovereign funds may view Bitcoin as a hedging tool considering the risks of a global trade war and economic recession. For example, Abu Dhabi's Mubadala Investment Company already holds US$437 million in spot Bitcoin ETF shares. However, Norway funds are still dominated by index-driven strategies and have not shown signs of increasing the allocation of crypto assets.