Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin in 2025, highlighting the growing trend of institutional adoption of digital assets.
Bitcoin Holdings Surge 192% Year-on-Year
According to new data from K33 Research analyst Vetle Lunde, NBIM’s indirect Bitcoin exposure has jumped 192% compared to last year. As of mid-2025, the fund holds an estimated 7,161 BTC, valued at approximately $844 million. This is a substantial rise from 3,821 BTC at the end of 2024—meaning 3,340 BTC were added in the first half of 2025 alone.
Strategy (MicroStrategy) and Marathon Drive Growth
The increase in Bitcoin exposure is primarily linked to NBIM’s equity investments in Bitcoin-heavy companies. Leading the charge is Strategy (formerly MicroStrategy), which added 3,005.5 BTC to NBIM’s portfolio. Other notable contributors include:
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Marathon Digital: 216.4 BTC
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Block (formerly Square): 85.1 BTC
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Coinbase: 57.2 BTC
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Metaplanet (Japan): 50.8 BTC
Additional smaller BTC exposures came from companies such as Tesla, GameStop, and Mercado Libre, each of which maintains Bitcoin on their balance sheets.
This surge reflects a broader shift among institutions toward more diversified investment strategies that include indirect exposure to digital assets like Bitcoin. Rather than purchasing BTC directly, funds like NBIM are gaining exposure through equity positions in public companies that hold substantial Bitcoin reserves.
Analysts believe this trend will likely continue as Bitcoin becomes a more accepted component of traditional portfolios—blurring the lines between tech stocks and digital asset investments.
