Norway’s sovereign wealth fund significantly increased its indirect exposure to bitcoin in 2025, despite not holding the cryptocurrency directly. New analysis shows that the fund’s exposure rose sharply over the year, reflecting the growing role of bitcoin-linked equities in large, diversified institutional portfolios.
Indirect Bitcoin Exposure Reaches 9,573 BTC
According to research firm K33, Norges Bank Investment Management (NBIM), which manages the Government Pension Fund Global, ended 2025 with indirect exposure equivalent to 9,573 bitcoin. This marks a 149% increase compared with the previous year. In monetary terms, the exposure was valued at approximately 8.5 billion Norwegian kroner, or about $837 million, by the end of 2025.
K33 Head of Research Vetle Lunde said on X;
NBIM oversees one of the world’s largest sovereign wealth funds, with assets exceeding $2 trillion invested primarily across global equities, fixed income, and real estate. Bitcoin exposure arises indirectly through equity stakes in publicly listed companies that hold bitcoin on their balance sheets.
Strategy Dominates Holdings
The largest share of NBIM’s indirect bitcoin exposure comes from its investment in Strategy, which accounts for roughly 81% of the total, or about 7,801 BTC. Additional exposure is derived from holdings in MARA, Metaplanet, Coinbase, and Block. Notably, NBIM’s highest proportional ownership among bitcoin treasury companies is in Japan-based Metaplanet.
Despite the sharp growth, bitcoin-related holdings represent just under 0.04% of the fund’s total assets, suggesting the exposure is a byproduct of diversification rather than a targeted allocation.
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