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Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly increased its indirect exposure to Bitcoin this year.
On Aug. 12, Vetle Lunde, a senior analyst at K33 Research, reported that the firm’s indirect Bitcoin exposure grew by 192% year-on-year to 7,161 BTC (worth approximately $844 million) from the 3821 BTC exposure it had as of the end of 2024.
This means that NBIM’s exposure increased by 3,340 BTC during the first half of 2025 alone.
Lunde attributed the surge to heavier positions in core treasury vehicles such as Strategy (formerly MicroStrategy) and Marathon Digital, combined with strong overall Bitcoin accumulation among major treasury holders.
Breaking down the contributors, Strategy, the largest corporate Bitcoin holder, accounted for the largest portion of the growth, adding 3,005.5 BTC to NBIM’s indirect exposure.
Bitcoin miner Marathon Digital contributed 216.4 BTC, while Block added 85.1 BTC. Coinbase, the largest US-based exchange, and Japan-based Metaplanet rounded out the top five with 57.2 BTC and 50.8 BTC, respectively.
Other companies, including GameStop (GME), Tesla, Mercado Libre, Jasmine, Virtu, and WeMade, added smaller amounts, each under 35 BTC.
In Lunde’s view, the trend highlights how Bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a byproduct of equity investments in BTC-heavy companies.
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