Norway's Government Pension Fund Global, one of the world's largest state investment vehicles, posted a $248 billion profit in 2025, boosting its total value to approximately $2.2 trillion.
The substantial gains were primarily attributed to strong performance in American technology and financial stocks, with key holdings in NVIDIA, Apple, and Microsoft.
AI optimism, anticipated rate cuts, and robust corporate earnings contributed to the fund's impressive returns. The fund also expanded its investments in renewable infrastructure, fixed income, and real estate.
Managed by Norges Bank Investment Management (NBIM), the fund holds stakes in over 7,200 companies globally. Its portfolio provides indirect exposure to Bitcoin, though it represents a minor portion of total assets. This indirect Bitcoin exposure increased by 149% in 2025, reaching 9,573 BTC, according to K33 research, driven by its investments in companies like Coinbase and Block.