Norway Sovereign Wealth Fund’s Indirect Bitcoin Exposure Reaches Over $860M

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Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has increased its indirect holdings of Bitcoin to 7,161 BTC, valued at approximately $862.8 million as of June 30, according to new analysis from K33.

This represents an 87.7% rise in the last six months and a 192.7% increase over the past year. The gains stem largely from the fund’s positions in companies with significant Bitcoin treasuries, including Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet.

K33 Head of Research Vetle Lunde explained that the calculation is based on NBIM’s shareholdings in these firms, multiplied by the amount of Bitcoin they hold.

While Lunde noted the exposure is likely an outcome of NBIM’s broad, diversified investment strategy rather than a targeted bet on Bitcoin, he highlighted it as a clear example of how BTC is becoming part of mainstream financial portfolios, often by default.

Growth Driven by Strategy Holdings and Corporate BTC Accumulation

The most significant contributor to NBIM’s increased Bitcoin exposure is its stake in business intelligence and corporate BTC treasury firm Strategy.

NBIM’s ownership in the company rose to 1.05% of its shares, valued at $1.18 billion at the end of June, up from 0.72% ($514 million) at the end of 2024. Strategy itself expanded its BTC holdings by 145,945 BTC in the first half of 2025, which added 3,340 BTC to NBIM’s indirect exposure over the same period.

Additional exposure came from holdings in other public companies with sizeable Bitcoin reserves. Firms such as Block, Coinbase, MARA, and Metaplanet have increased or maintained significant BTC balances, further contributing to the upward trend.

Lunde pointed out that per capita, NBIM’s Bitcoin exposure now amounts to roughly 1,387 Norwegian kroner, or about $138, for each Norwegian citizen.

Broader Market Context and Currency Considerations

Lunde emphasized that this growing indirect exposure aligns with a wider market pattern: any investor with a diversified equity portfolio today is likely to have some exposure to Bitcoin through corporate holdings.

He expects this trend to strengthen as more companies allocate to BTC as part of their treasury strategies. “Odds are high that any index investor or broadly diversified investor currently holds a modest BTC exposure through proxies,” Lunde said, adding that the phenomenon is likely to accelerate over time.

The report also placed the fund’s Bitcoin exposure within the context of BTC’s recent market performance. In US dollar terms, BTC reached an all-time high of more than $123,000 in July, up 11.9% from its January 20 level.

However, gains are less pronounced in other currencies, with BTC up only 1.5% against the US dollar index and still below January highs in euros. According to Lunde, €105,600 remains a key resistance level for BTC in euro terms, highlighting the role of currency fluctuations in assessing Bitcoin’s price performance globally.

NBIM’s growing indirect stake in Bitcoin demonstrates how exposure to the asset class can expand organically within large, diversified portfolios. Whether driven by deliberate allocation or as a byproduct of equity investments, the trend reflects Bitcoin’s deepening presence in global financial markets.

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