Norway’s Sovereign Wealth Fund Revealed to Have Made a Massive Position Increase in Bitcoin

Norges Bank Investment Management (NBIM), which manages Norway’s sovereign wealth fund worth approximately $2 trillion, increased its indirect Bitcoin exposure by 149% to 9,573 $BTC by 2025. The data was shared by cryptocurrency research firm K33.

Although NBIM hasn’t directly purchased Bitcoin, it holds an indirect position through investments in companies that hold significant amounts of $BTC on their balance sheets. In this context, Strategy, MARA Holdings, Metaplanet, Coinbase, and Block Inc. shares stand out in particular.

K33 Research Head Vetle Lunde stated on the social media platform X, “Although $BTC price performance has been weak for some time, NBIM’s indirect $BTC exposure continues to increase.” According to Lunde, by the end of 2025, NBIM’s indirect Bitcoin exposure will reach 8.5 billion NOK (approximately $837 million) in Norwegian kroner.

Although the total amount of $BTC-denominated assets has increased significantly, the weighting of this position within the fund has remained unchanged. Lunde noted that compared to the first half of 2025, indirect Bitcoin exposure remains just under 0.04% of total fund assets. He suggested that this could indicate a deliberate portfolio weighting.

K33’s calculations are based on multiplying NBIM’s shareholding percentages in the relevant companies by those companies’ Bitcoin reserves.

According to the data, 81% of NBIM’s indirect $BTC exposure comes from Strategy shares. This item corresponds to 7,801 $BTC.

In contrast, the Bitcoin treasury company in which NBIM holds the largest percentage stake is Japan-based Metaplanet. The fund owns 1.69% of the company, a position that corresponds to approximately 593 $BTC of indirect exposure.

Other investments also contributed to the total position. MARA Holdings contributed indirectly 618 $BTC, Coinbase 156 $BTC, and Block Inc. 105 $BTC.

According to K33, NBIM’s indirect crypto exposure is almost entirely limited to Bitcoin. Investments outside of Coinbase do not include treasury companies focused on other digital assets. Lunde stated that NBIM does not hold positions in companies focused on different crypto assets, such as BitMine.

Controlled by the Bank of Norway and officially named Government Pension Fund Global, the fund is one of the world’s largest sovereign wealth funds, investing in global equities, bonds, and real estate.

*This is not investment advice.