Norway's sovereign wealth fund increases indirect Bitcoin holdings to 7.161 BTC

• Norges Bank Increases Indirect Bitcoin Exposure by 192%
• Participation grows to 7.161 BTC, valued at US$844 million
• Strategy and Marathon Digital lead contributions to the portfolio

Norges Bank Investment Management (NBIM), responsible for managing Norway's sovereign wealth fund, significantly increased its indirect exposure to Bitcoin in 2025. According to analysis by Vetle Lunde, a senior at K33 Research, the total position grew from 3.821 BTC at the end of 2024 to 7.161 BTC on August 12 of this year, a 192% increase year-over-year. At current prices, this amount is equivalent to approximately US$844 million.

Increased weights in core treasury vehicles such as @Strategy and @MARA and the overall strong BTC accumulation from treasury comps has fueled the H1 growth of 3,340 BTC.

Top 5 contributors to NBIMs increased BTC exposure:
1. MSTR
2. MARA
3.Block
4 Coinbase
5. Metaplanet pic.twitter.com/6zoGz6ZHuo

— Vetle Lunde (@VetleLunde) August 12, 2025

The growth represents an increase of 3.340 BTC in the first half of 2025 alone. Lunde attributed this movement mainly to the expansion of holdings in companies with large Bitcoin reserves, such as Strategy (formerly MicroStrategy) and mining company Marathon Digital.

Strategy, the world's largest corporate holder of BTC, accounted for the largest share of the increase, adding 3.005,5 BTC to NBIM's indirect exposure. Next, Marathon Digital contributed another 216,4 BTC, while Block added 85,1 BTC to the total. Coinbase, the largest exchange in the United States, and Japan's Metaplanet rounded out the top five contributors, adding 57,2 BTC and 50,8 BTC, respectively.

Other companies in the NBIM portfolio, including GameStop, Tesla, Mercado Livre, Jasmine, Virtu, and WeMade, added smaller volumes, all below 35 BTC.

For Lunde, this growth highlights Bitcoin's growing presence in diversified portfolios, whether strategically or as a result of investments in companies with strong exposure to the cryptocurrency. This phenomenon demonstrates how corporate adoption continues to influence the asset's presence in large institutional funds.

The increase in the Norwegian sovereign wealth fund's exposure follows a period of strong accumulation by large Bitcoin holders, reflecting both institutional interest in the cryptocurrency and the asset's consolidation as a store of value in the global financial environment.