Norway’s $1.9 Trillion Fund Quietly Builds Massive Bitcoin Position

• The NBIM bought 7K plus BTC of Bitcoin in 2025, roughly doubling its exposure.
• Among the vital sources of Bitcoin that NBIM has are Strategy and Marathon Digital.
• The wider institutional adoption is represented by the Indirect crypto exposure.

In 2025, the sovereign wealth fund of Norway, Norges Bank Investment Management (NBIM), went to extreme levels, maximizing its exposure to Bitcoin. Without actually owning any cryptocurrency, this $1.9 trillion fund de facto owns more than 7,161 BTC, valued at almost $844 million.

How Did Norway Boost Its Bitcoin Stash?

In mid-2025, after surpassing 3,821 BTC in 2024, the amount of Bitcoins added to NBIM as its exposure increased by 192% compared to the previous year, reaching 7,161 BTC. This high growth is attributed to the investment in businesses with large reserves of Bitcoin. 

Some of the companies it has shares in are Strategy (previously MicroStrategy), Marathon Digital, Block, Coinbase, and Metaplanet, which is based in Japan.

NBIM’s strategy was responsible for more than three thousand Bitcoins of the entire growth in indirect holdings at the company. Contributions of 85 BTC came from Block, while 216 BTC came from Marathon Digital.

Exposure to around 50 BTC apiece was additionally enhanced by Coinbase and Metaplanet. The smaller volumes were provided by such companies as Tesla, GameStop, and Mercado Libre.

Why Indirect Bitcoin Exposure?

NBIM is currently restricted by law from investing directly in cryptocurrencies. In place of this, it has access to Bitcoin exposure via shares of firms that have huge Bitcoin treasuries. 

This is a way around called the side door that will allow the Norwegian fund to capitalize on the rise of Bitcoin and adhere to investment guidelines.

Vetle Lunde, research manager at K33 Research, said this increase in Bitcoin holdings is a worldwide trend. More and more institutional investors are getting exposure to Bitcoin by engaging in equity investments in crypto-intensive companies. 

Lunde emphasizes that bitcoin is naturally taking its place in diversified portfolios, be it through intentional or the side effects of investments.

Bigger Picture: Bitcoin’s Integration into Institutional Portfolios

The increased Bitcoin position by NBIM is one of the indicators of how cryptocurrency is becoming a part of the mainstream financial system. Other sovereign wealth funds and pension funds, such as Norway, are following suit with indirect exposure to Bitcoin.

As an illustration, the sovereign fund of Kazakhstan is going to transform some of its properties into crypto. In the United States, Bitcoin ETFs have received capital investments from state pension funds.

Norwegian-managed funds grew 5.7% in the first half of 2025. Its ledger increased its investments in financial and technology sectors, which align with the influx of Bitcoin-linked equity stakes.

This low-key yet notable Bitcoin buying up by one of the biggest funds of the globe is indicative of an even greater crypto infiltration into the conventional investment ecosystem.

It highlights the increasing use of Bitcoin as not only a speculative trade but also a serious institutional investment.