Norway’s $1.5 trillion sovereign wealth fund has quietly increased its indirect exposure to bitcoin to an all-time high of 7,161 BTC, worth about $862.8 million as of June 30, according to calculations by K33 Research.
The position — built through stakes in publicly traded companies holding bitcoin — climbed 87.7% over the past six months and nearly 193% in the past year, K33 Head of Research Vetle Lunde said Tuesday.
“NBIM’s indirect BTC exposure has hit new ATHs of 7,161 BTC,” Lunde wrote on X. “It shows that bitcoin is finding its way into any well-diversified portfolio, deliberate or not.”
The Government Pension Fund Global is managed by Norges Bank Investment Management (NBIM), a unit of the country’s central bank overseen by the Ministry of Finance. The fund’s indirect holdings stem from ownership stakes in MicroStrategy, Block, Coinbase, Marathon Digital (MARA) and Japan’s Metaplanet — all of which hold bitcoin on their balance sheets.
NBIM’s largest single exposure comes via MicroStrategy, where it now owns 1.05% of the business intelligence and bitcoin treasury firm — up from 0.72% at the end of 2024. MicroStrategy’s own aggressive bitcoin purchases, adding 145,945 BTC in the first half of 2025, contributed most of the 3,340 BTC increase in NBIM’s exposure this year.
Other crypto-linked investments, including Block and Marathon Digital, also added to the total.
K33 estimates that the fund’s bitcoin exposure equates to about 1,387 Norwegian kroner ($138) per citizen. Lunde noted the rise reflects the growing trend of corporates adding bitcoin to their treasuries, which means index and broad-market investors are increasingly getting exposure to the asset through equity holdings.
“Odds are high that any index investor or broadly diversified investor currently holds a modest BTC exposure through proxies,” Lunde said, adding that the trend is likely to accelerate.
While bitcoin has notched new all-time highs in U.S. dollar terms this year — peaking above $123,000 in July — it remains below its January record in euros. Lunde pointed to €105,600 as a key resistance level for BTCEUR before bitcoin can claim undisputed highs across currencies.
At last check, bitcoin was trading around $120,606, up 1.8% on the day.
