13-8-2025 – Norway’s $1.9 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has increased its indirect Bitcoin exposure to 7,161 BTC in Q2 2025, a 192% rise from 2,446 BTC a year earlier, according to K33 Research. Valued at roughly $844 million, this growth reflects the fund’s strategic investments in companies holding significant Bitcoin reserves.
The surge, equivalent to 3,340 BTC added in the first half of 2025, was driven primarily by NBIM’s stakes in Strategy, which contributed 3,005.5 BTC, and Marathon Digital, adding 216.4 BTC. Smaller contributions came from Block (85.1 BTC), Coinbase (57.2 BTC), and Japan’s Metaplanet (50.8 BTC), alongside minor holdings in Tesla, GameStop, and others.
Unlike Abu Dhabi’s Mubadala, which invests directly in Bitcoin ETFs, NBIM avoids direct crypto ownership, opting for equities to align with regulatory and diversification goals. This approach highlights Bitcoin’s growing presence in institutional portfolios, often as a byproduct of investments in crypto-heavy firms.
NBIM’s strategy allows it to tap into Bitcoin’s market potential while adhering to traditional investment frameworks. The fund’s move comes amid Norway’s broader scrutiny of crypto, with the government considering a ban on new crypto mining centers to prioritize energy for other sectors.
