Norway’s sovereign wealth fund has increased its indirect exposure to Bitcoin by 192%

Norway’s sovereign wealth fund has increased its Bitcoin exposure by 192.7% since last year. As of June 30, the fund currently has indirect exposure to 7,161 BTC in its investment portfolio, worth roughly $862.8 million.

Since the start of 2025, the country’s sovereign wealth fund has increased its Bitcoin exposure by 87.7%, adding around 4,714 BTC in just six months. According to its latest bi-annual disclosures on Tuesday, the firm increased its BTC exposure through significant investments in treasury companies Strategy and Metaplanet and crypto exchange Coinbase.

NBIM bets significantly on Strategy’s stock

NBIM's indirect BTC exposure has hit new ATHs of 7,161 BTC.

This is my favorite chart to update whenever the world's largest sovereign wealth fund discloses holdings. It efficiently shows that BTC is finding its way into any well-diversified portfolio, deliberate or not. pic.twitter.com/oLLtTMwhux

— Vetle Lunde (@VetleLunde) August 12, 2025

Norway’s central bank, the Government Pension Fund Global, controls the fund. The sovereign wealth fund is managed through a subsidiary, the Norges Bank Investment Management (NBIM).

As previously reported by Cryptopolitan, the NBIM operates as a separate unit within the central bank and is one of the world’s largest sovereign wealth funds with around $1.5 trillion in assets. It invests primarily in BTC by gaining indirect exposure through an investment vehicle like an exchange-traded fund (ETF), global equities, corporate bonds, and real estate.

K33 Head of Research Velte Lunde said that NBIM’s indirect BTC exposure was his favourite chart to update whenever it discloses its holdings. He argued that the chart efficiently shows that BTC is finding its way into any well-diversified portfolio.

K33 reported Tuesday that NBIM’s BTC exposure calculations are based on the percentage of Bitcoin-holding firms’ shares it held, multiplied by those firms’ Bitcoin treasuries. 

“It’s important to address that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio. Still it represents one of the best clear-cut examples of BTC’s advance into mainstream finance.”

-Velte Lunde, Head of Research at K33.

The researcher also mentioned that NBIM’s BTC investment has surged over the last five years, driven by treasury companies doubling down on their BTC balance sheets. He also attributed the company’s growth to players like Strategy for continued aggressive accumulation strategies. K33 revealed that NBIM’s BTC exposure amounts to 1,387 NOK ($138) each when measured per Norwegian citizen.

Lune argued that there’s a high chance that any investor currently holds a significant exposure through proxies. He also believes that BTC exposure investments will further materialize as time progresses due to the surge in the BTC treasure trend.

K33’s report shows that NBIM’s investment in Strategy’s BTC treasure shares (MSTR), holding 1.05% (3,005 BTC), is a 133% increase from 2024. As of June 30, the fund’s Strategy holdings are valued at $1.2 billion, up from $514 million at the end of 2024.

Lunde acknowledged that MSTR’s increased BTC exposure by 145,945 BTC in the first half of 2025 contributed to the 3,340 BTC surge in NBIM’s indirect BTC exposure in H1. NBIM has also invested 216 BTC in MARA Holdings, roughly 85 BTC in Block, 57.2 BTC in Coinbase, and around 50.8 BTC in Metaplanet.

Lunde explains that BTC is still behind its January high in EUR

K33’s researcher also linked the fund’s BTC exposure to Bitcoin’s strong U.S. dollar-denominated 11.9% gains this year, hitting an all-time high of over $123K in July. He also argued that the gains were less pronounced in other currencies, since BTC only surged by 1.5% against the U.S. dollar index, while still below January highs in euro terms. 

Lunde confirmed that much of Bitcoin’s USD gains reflect a weaker dollar since January highs versus the euro. He noted that tracking BTC in euros, there was a key support level at 105,600 euros on the BTCEUR before Bitcoin could claim all-time highs. At the time of publication, Bitcoin is currently exchanging hands at around $118,709, a 1.74% increase in the last 24 hours.

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