Norway’s $1.6 trillion sovereign wealth fund has quietly become a much bigger player in Bitcoin – at least indirectly.
According to K33 Research analyst Vetle Lunde, Norges Bank Investment Management (NBIM) increased its indirect holdings by 192% over the past year, now equating to about 7,161 BTC worth roughly $844 million.
The growth comes from equity stakes in major Bitcoin-heavy companies rather than direct purchases of the cryptocurrency. Most of the increase happened in the first half of 2025, when NBIM’s exposure rose by 3,340 BTC.
The biggest driver was its position in Strategy (formerly MicroStrategy), the world’s largest corporate Bitcoin holder, which added 3,005.5 BTC to NBIM’s indirect total.
Other notable boosts came from Bitcoin miner Marathon Digital (+216.4 BTC), fintech firm Block (+85.1 BTC), Coinbase (+57.2 BTC), and Japan’s Metaplanet (+50.8 BTC).
Smaller contributions came from holdings in GameStop, Tesla, Mercado Libre, and others.
Lunde says the trend shows how Bitcoin is finding its way into traditional portfolios through equity exposure, sometimes deliberately and other times as a side effect of investing in BTC-focused companies.
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Source: https://coindoo.com/norways-wealth-fund-boosts-indirect-bitcoin-holdings-to-844m/