Norway sovereign wealth fund’s indirect bitcoin exposure grew 149% in 2025 to 9,573 BTC: K33
Norway's sovereign wealth fund's indirect Bitcoin exposure increased by 149% in 2025, reaching 9,573 BTC, primarily through holdings in companies like Strategy.Summary
According to K33 research, the indirect Bitcoin exposure held by Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), surged by 149% in 2025, totaling 9,573 BTC, valued at 8.5 billion NOK ($837 million USD) by year-end.
This exposure is entirely indirect, stemming from NBIM's investments in publicly traded companies that hold Bitcoin on their treasuries, such as Strategy (contributing 81% or 7,801 BTC), MARA, Metaplanet, Coinbase, and Block. NBIM holds the largest percentage ownership in Japanese firm Metaplanet.
K33 Head of Research Vetle Lunde noted that while the exposure's weighting remains stable at just under 0.04% of the fund's total assets, this growth highlights Bitcoin's increasing integration into mainstream, diversified institutional portfolios, whether deliberate or not.
(Source：The Block)