Norway’s Wealth Fund Deepens Bitcoin Exposure

In 2025, Norway’s sovereign wealth fund, which is overseen by Norges Bank Investment Management (NBIM), saw a sharp rise in its indirect exposure to Bitcoin. The recent moves of NBIM, the biggest state-directed wealth fund in the world, are indicative of the changing pattern of institutional involvement in the cryptocurrency space, particularly through corporate investments as opposed to direct asset holdings.

Indirect Holdings Surge by 92% in 2025

From 3,821 BTC at the end of 2024 to 7,161 BTC in mid-2025, NBIM’s indirect Bitcoin exposure increased by 192% since the previous year, reaching a current valuation of about $844 million. Expanded positions in significant Bitcoin-holding businesses like Strategy (formerly MicroStrategy), Marathon Digital, Block, and Coinbase are the primary cause of this increase. Specifically, Strategy made the biggest contribution, accounting for over 3,000 BTC of the fund’s additional exposure.

Sovereign wealth funds like NBIM are legally obligated to invest exclusively in specific categories, like stocks and bonds, in contrast to traditional asset classes. Consequently, buying stock in businesses that have sizable Bitcoin reserves allows for indirect exposure. Other instances include comparable actions taken by pension funds that use ETFs and corporate holdings to access digital assets, like the National Bank of Kazakhstan and Wisconsin’s SWIB.

Including Bitcoin in Institutional Portfolios

The increasing exposure of NBIM illustrates how corporate Treasury allocations and broad equity diversification are driving Bitcoin’s emergence in mainstream portfolios. Analysts point out that just by owning stock in well-known companies, index investors around the world are now exposed to digital assets. This corresponds to about 1,387 Norwegian kroner (about $138) in Bitcoin exposure per Norwegian citizen.

Via indirect holdings, Norway’s sovereign wealth fund has subtly emerged as a significant force in the global Bitcoin scene, signaling a significant shift in the way cryptocurrencies are incorporated into conventional finance. Institutional investors and sovereign funds will probably keep gaining exposure as more businesses use Bitcoin as a reserve asset, further validating digital assets in global investment strategies.

Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.

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