TLDR
- Norway’s sovereign wealth fund increased its Bitcoin exposure by 192% to 7,161 BTC in Q2 2025.
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The fund’s Bitcoin holdings come from investments in companies like Marathon Holdings and Block.
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Norway’s fund avoids direct crypto holdings, instead opting for Bitcoin-heavy companies.
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Norway’s wealth fund adds Bitcoin exposure through Tesla, GameStop, and Mercado Libre.
Norway’s $1.9 trillion sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), significantly increased its Bitcoin exposure in the second quarter of 2025. According to Vetle Lunde, Head of Research at K33, the fund now holds 7,161 BTC, a 192% rise from the 2,446 BTC it held at the same time last year. This increase reflects the fund’s growing interest in the digital asset market.
Unlike some institutional investors who directly purchase cryptocurrencies, NBIM achieves its Bitcoin exposure through investments in Bitcoin-heavy companies. This approach allows the fund to gain exposure to the asset class while maintaining its traditional investment strategy, focusing on large corporate players in the cryptocurrency sector.
Bitcoin Exposure Through Corporate Investments
The majority of Norway’s wealth fund’s Bitcoin exposure comes from its investments in companies like Marathon Holdings and Strategy, both of which are major players in the Bitcoin market. These companies hold substantial Bitcoin reserves, and through owning shares in them, NBIM gains indirect exposure to the cryptocurrency.
In addition to Marathon Holdings, the fund also holds stakes in other companies with notable Bitcoin reserves, such as Block (formerly Square), Coinbase, and Metaplanet. These companies have integrated Bitcoin into their business models, further aligning them with the growing digital asset sector.
NBIM's indirect BTC exposure has hit new ATHs of 7,161 BTC.
This is my favorite chart to update whenever the world's largest sovereign wealth fund discloses holdings. It efficiently shows that BTC is finding its way into any well-diversified portfolio, deliberate or not. pic.twitter.com/oLLtTMwhux
— Vetle Lunde (@VetleLunde) August 12, 2025
While NBIM avoids direct Bitcoin purchases, it is exposed to Bitcoin’s market performance through its investments in these Bitcoin-heavy companies. This indirect approach offers the fund diversification while still tapping into the potential of the crypto market.
Diversification Through Smaller Holdings
Beyond its larger Bitcoin-focused investments, Norway’s sovereign wealth fund also holds smaller positions in companies like Tesla, GameStop, and Mercado Libre.
These companies have incorporated Bitcoin in their operations, such as accepting it as payment or holding it as part of their treasury.
The fund’s diversified approach to Bitcoin exposure helps spread risk while benefiting from the wider adoption of cryptocurrencies by traditional companies. While these smaller holdings may not be as directly impactful on the fund’s total Bitcoin exposure, they still contribute to its indirect position in the digital asset space.
Norway’s sovereign wealth fund’s approach contrasts with other institutional investors, such as Mubadala Investment from Abu Dhabi, which has directly invested in BlackRock’s spot Bitcoin ETF. By contrast, NBIM prefers to remain a step removed from direct cryptocurrency holdings. The fund’s strategy focuses on building exposure through established companies with significant Bitcoin reserves, reducing potential regulatory and market risks associated with holding crypto directly.
