Norway's sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has increased its indirect Bitcoin exposure by 192% year-on-year to 7,161 BTC (valued at $844 million), according to K33 Research analysis. Senior analyst Vetle Lunde attributed the surge to NBIM's expanded equity positions in Bitcoin-holding firms like Strategy (formerly MicroStrategy) and Marathon Digital, combined with accelerated BTC accumulation by these companies.
The exposure growth—adding 3,340 BTC in H1 2025 alone—includes significant contributions from Strategy (3,005.5 BTC), Marathon Digital (216.4 BTC), Block (85.1 BTC), Coinbase (57.2 BTC), and Metaplanet (50.8 BTC). Lunde noted this reflects Bitcoin's integration into diversified portfolios, stating: "NBIM’s indirect BTC exposure grew... driven mainly by Strategy and Marathon positions."
This strategy mirrors institutional approaches like BlackRock's ETF utilization, enabling exposure while sidestepping direct crypto volatility. The move signals heightened institutional confidence, potentially influencing corporate treasury strategies amid ongoing regulatory discussions.