Norwegian Sovereign Wealth Fund’s Rising Bitcoin Holdings: A Comprehensive Analysis
Norway’s sovereign wealth fund, overseen by Norges Bank Investment Management (NBIM), has significantly boosted its indirect Bitcoin holdings to 7,161 BTC, worth an estimated $862.8 million as of June 30, according to K33’s latest analysis. This substantial increase marks an 87.7% growth over the past six months and an impressive 192.7% rise over the last year. The gains are primarily attributed to the fund’s investments in companies with notable Bitcoin reserves, such as Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet.
Strategic Investments and Corporate Bitcoin Accumulation Fuel Growth
NBIM’s enhanced Bitcoin exposure is predominantly driven by its investment in Strategy, a prominent business intelligence and corporate Bitcoin treasury firm. The fund’s stake in Strategy increased to 1.05% of the company’s shares, valued at $1.18 billion by the end of June, up from 0.72% ($514 million) at the end of 2024. Moreover, Strategy bolstered its Bitcoin holdings by 145,945 BTC during the first half of 2025, subsequently adding 3,340 BTC to NBIM’s indirect exposure within the same timeframe.
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Additional exposure arises from stakes in other public companies with substantial Bitcoin reserves. Enterprises like Block, Coinbase, MARA, and Metaplanet have either increased or maintained significant Bitcoin balances, further enhancing the upward trend in NBIM’s Bitcoin exposure.
Market Dynamics and Currency Implications
This burgeoning indirect exposure to Bitcoin aligns with a broader market trend, as noted by K33’s Head of Research, Vetle Lunde. Investors with diversified equity portfolios today are likely to possess some level of Bitcoin exposure through corporate holdings. Lunde anticipates this trend will gain momentum as more corporations incorporate Bitcoin into their treasury strategies. He highlighted that any index investor or broadly diversified investor likely holds a modest Bitcoin exposure through such proxies, and this phenomenon is expected to intensify over time.
The report contextualizes the fund’s Bitcoin exposure within the framework of Bitcoin’s recent market performance. In USD terms, Bitcoin reached an all-time high exceeding $123,000 in July, marking an 11.9% increase from its January level. However, Bitcoin’s gains are less pronounced when evaluated against other currencies, with a mere 1.5% increase against the US dollar index and values still lagging behind January highs in euros. According to Lunde, the €105,600 mark remains a pivotal resistance level for Bitcoin in euro terms, underscoring the impact of currency fluctuations on global Bitcoin price assessments.
NBIM’s growing indirect stake in Bitcoin exemplifies how exposure to this asset class can naturally expand within large, diversified portfolios. Whether through intentional allocation or as an outcome of equity investments, this trend reflects Bitcoin’s increasing integration into global financial markets.
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