Norway’s sovereign wealth fund, overseen by Norges Bank Investment Management (NBIM), has recently escalated its indirect Bitcoin holdings to approximately 7,161 BTC, estimated to be around $862.8 million as of June 30, based on a new report from K33.

This marks an impressive 87.7% increase over the past six months and a staggering 192.7% surge year-over-year. This growth is primarily attributed to their investments in companies that possess substantial Bitcoin reserves, with names such as Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet being significant contributors.

K33 Head of Research, Vetle Lunde, stated that the fund’s indirect Bitcoin exposure is calculated based on its shareholdings in these companies, taking into account the amount of Bitcoin they maintain.

Lunde pointed out that while this exposure may not be a direct strategic investment in Bitcoin itself, it underscores a growing trend of Bitcoin being integrated into traditional investment frameworks, often unwittingly.

Driving Forces Behind Bitcoin Exposure Growth

The primary source of NBIM’s expanded Bitcoin exposure stems from its share in business intelligence firm Strategy, which actively manages corporate Bitcoin treasuries.

NBIM’s stake in Strategy rose to 1.05% of its shares, valued at $1.18 billion as of the end of June, a significant increase from 0.72% ($514 million) at the end of 2024. In just the first half of 2025, Strategy boosted its Bitcoin holdings by 145,945 BTC, which translated to an additional 3,340 BTC in NBIM’s indirect exposure.

Furthermore, increased investments in other public companies known for large Bitcoin reserves, like Block and Coinbase, have also bolstered this upward trend.

Lunde highlighted the fact that, per capita, the fund’s Bitcoin exposure equates to approximately 1,387 Norwegian kroner, or about $138, for each citizen of Norway.

Market Dynamics and Currency Implications

Lunde stressed that this increasing indirect exposure aligns with broader market trends: investors with diversified portfolios are likely to have some form of Bitcoin holdings through corporations.

He anticipates that as more firms allocate Bitcoin into their treasury strategies, this trend will only continue to rise. “It’s highly probable that index fund investors or those with diversified holdings currently have some indirect Bitcoin exposure,” noted Lunde, predicting that this trend will gain momentum in the future.

The report also contextualizes the fund’s Bitcoin exposure by reflecting on Bitcoin’s recent market performance. In U.S. dollar terms, Bitcoin reached an all-time high exceeding $123,000 in July, yielding an increase of 11.9% since January 20.

Despite this, increases are smaller in other currencies, with Bitcoin only up by 1.5% compared to the U.S. dollar index and still falling short of January peaks in euros. Lunde pointed out that €105,600 serves as a crucial resistance level for Bitcoin in euro terms, emphasizing how currency variations can impact Bitcoin’s global valuation.

NBIM’s growing indirect stake in Bitcoin illustrates how exposure to cryptocurrencies can develop organically within larger, diversified investment portfolios. Whether through intentional allocation or as a byproduct of equity investments, this movement signifies Bitcoin’s increasing integration into global financial marketplaces.

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