According to TechFlame, since September 30, 2024, Norges Bank, the central bank of Norway, has incurred losses exceeding $200 million from its investment in Strategy (formerly MicroStrategy). Unlike the U.S. Federal Reserve and other central banks, Norges Bank directly invests in equities, including components of stock indices such as Strategy's common stock (ticker: MSTR). Losses can and do occur in such investments. In fact, the sovereign wealth fund has also faced losses this year from investments in Canaan, MARA, and several publicly listed companies in the cryptocurrency sector. Norges Bank began acquiring small amounts of MSTR stock as early as 2008—back when Strategy had not yet pivoted to becoming a Bitcoin (BTC) reserve company—but significantly increased its holdings during 2024. By June 30, 2024, Norway’s investment in MSTR had reached $217 million, representing a 0.89% stake in the company. By December 31, 2024, the investment had further grown to $514 million. Then, in the first half of 2025, Norges Bank doubled its MSTR investment once again, increasing from NOK 5.8 billion to NOK 11.9 billion—with these additional purchases made at prices significantly higher than the current stock price. As of June 30, 2025, the market value of Norges Bank’s MSTR holdings stood at $1.18 billion, and it is almost certain that the bank has continued to increase its position since then.