Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly amplified its indirect exposure to Bitcoin, marking a notable shift in institutional investment trends. This strategic move highlights the growing presence of digital assets within traditional financial portfolios, even if acquired indirectly through equity stakes in crypto-heavy companies.
NBIM's Growing Bitcoin Footprint
The world's largest sovereign wealth fund has substantially increased its indirect Bitcoin holdings, reporting a staggering 192% year-on-year growth. By mid-2025, NBIM's exposure reached an impressive 7,161 BTC, valued at approximately $844 million, a sharp rise from the 3,821 BTC held at the close of 2024. This significant accumulation of 3,340 BTC occurred within the first half of 2025 alone, demonstrating a rapid acceleration in its digital asset presence.
Indirect Exposure Through Strategic Investments
This surge in Bitcoin exposure is largely attributed to NBIM's increased positions in companies that themselves hold substantial amounts of Bitcoin. Vetle Lunde, a senior analyst at K33 Research, pointed out that heavy investments in core treasury vehicles like Strategy (formerly MicroStrategy) and Marathon Digital were primary drivers. Strategy, being the largest corporate Bitcoin holder, contributed the lion's share, adding over 3,000 BTC to NBIM's indirect exposure. Other significant contributors included Bitcoin miner Marathon Digital, Block, Coinbase, and Japan-based Metaplanet, collectively showcasing how Bitcoin is increasingly woven into diversified portfolios through equity investments in companies with strong digital asset strategies.
