Norway's Sovereign Wealth Fund Boosts Indirect Exposure to Bitcoin by 192%

Norway's sovereign wealth fund has increased its indirect Bitcoin exposure by 192% over the last year, reaching 7,161 BTC through investments in treasury companies Strategy and Metaplanet, and crypto exchange Coinbase. The fund's holdings in Strategy and Coinbase have grown by 133% and 96%, respectively. This reflects a trend of sovereign wealth funds gaining indirect exposure to Bitcoin through investment vehicles and corporate proxies.

Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has significantly increased its indirect Bitcoin (BTC) exposure, reaching 7,161 BTC as of June 30, 2025. This represents a substantial 192% year-over-year (YoY) increase, according to analysis by K33 [1].

The surge in BTC exposure is primarily attributed to NBIM's holdings in companies with significant Bitcoin treasuries, including Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet. Strategy, in particular, contributed significantly to the increase, with NBIM's ownership rising 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 expanded its BTC holdings by 145,945 BTC in the first half of 2025, adding 3,340 BTC to NBIM's indirect exposure over the same period [2].

NBIM's indirect BTC exposure also benefited from holdings in other public companies with substantial BTC reserves, such as Block, Coinbase, MARA, and Metaplanet. These investments contributed to the upward trend in the fund's Bitcoin exposure.

The growth in indirect BTC exposure aligns with a broader market pattern where any investor with a diversified equity portfolio is likely to have some exposure to Bitcoin through corporate holdings. This trend is expected to strengthen as more companies allocate to BTC as part of their treasury strategies [1].

While NBIM's exposure to Bitcoin is not a deliberate measure but a consequence of its broadly diversified portfolio, it reflects Bitcoin's deepening presence in global financial markets. The fund's indirect BTC exposure, when measured per Norwegian citizen, amounts to roughly 1,387 Norwegian kroner, or about $138 [1].

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 2020 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 K33, €105,600 remains a key resistance level for BTC in euro terms [2].

References:
[1] https://bitcoinist.com/norway-sovereign-wealth-indirect-bitcoin-exposure/
[2] https://www.theblock.co/post/366752/norway-sovereign-wealth-fund-bitcoin-exposure?utm_medium=rss&utm_source=companies.xml