Norway's $1.8 trillion sovereign wealth fund, the world's largest, reported on Wednesday a record annual profit of 2.51 trillion crowns ($222 billion), driven by last year's tech rally.

Norway’s sovereign wealth fund last year returned 13%, or $222 billion, but missed its self-imposed target for the second year in a row despite gains from the booming US technology sector.

Norway’s gigantic sovereign wealth fund posted a full-year profit of 2.5 trillion kroner ($222.4 billion) on Wednesday. Norges Bank Investment Management, which manages the fund, said the returns were driven by the AI boom that drove tech stocks higher in 2024.

Norway’s sovereign wealth fund, the Government Pension Fund Global (GPFG), has increased its indirect Bitcoin exposure by 153% year-over-year

According to K33 Research, Norway’s Government Pension Fund Global has amassed more than $356 million in indirect Bitcoin exposure, based on current prices.

Sovereign Wealth Fund: "The American technology stocks in particular performed very well," Nicolai Tangen, CEO of Norges Bank Investment Management (NBIM), the fund's operator, said in a statement.

Norway’s sovereign wealth fund was underweight on US tech stocks last year, a move that hit 2024 returns but may have helped it weather recent turmoil caused by the challenge posed by Chinese artificial intelligence startup DeepSeek.