Following its latest bi-annual disclosures on Tuesday, the Norway sovereign wealth fund’s indirect bitcoin exposure has grown 87.7% in the past six months and 192.7% over the past year to 7,161 BTC ($862.8 million) as of June 30, according to K33, with significant investments in Strategy, Block, Coinbase, MARA, and Metaplanet.
“NBIM’s indirect BTC exposure has hit new ATHs of 7,161 BTC,” Lunde said on X. “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.”
Norway’s central bank controls the country’s sovereign wealth fund, known as the Government Pension Fund Global. However, its management is carried out through a subsidiary, Norges Bank Investment Management (NBIM), which operates as a separate unit within the central bank under the direction of the Ministry of Finance. It is one of the world’s largest sovereign wealth funds, with around $1.5 trillion in assets, primarily invested in global equities, bonds, and real estate.
In a Tuesday report, K33 Head of Research Vetle Lunde said the calculations are based on the percentage of bitcoin-holding firms’ shares held by NBIM, multiplied by those firms’ bitcoin treasuries. “It’s important to address that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio,” Lunde stated. “Still, it represents one of the best clear-cut examples of BTC’s advance into mainstream finance.”
Lunde highlighted that NBIM’s indirect bitcoin exposure has steadily increased over the last five years, mainly driven by companies rapidly adding BTC to their balance sheets and established players like Strategy continuing aggressive accumulation. When measured per Norwegian citizen, the fund’s bitcoin exposure amounts to 1,387 NOK, or about $138, each, according to K33.
“Odds are high that any index investor or broadly diversified investor currently holds a modest BTC exposure through proxies, and with the accelerating BTC treasury trend, everything points toward this phenomenon further materializing as time progresses,” Lunde said.
NBIM’s indirect exposure to BTC. Image: K33.
Strategy holdings lead the way
Top of the list is Strategy, with NBIM holding 1.05% of the business intelligence and corporate bitcoin treasury firm’s shares, valued at $1.18 billion as of June 30 per the fund’s disclosures — up from 0.72% ($514 million) at the end of 2024.
“The increased MSTR ownership, alongside MSTR increasing its BTC exposure by 145,945 BTC in H1, substantially contributed to the 3,340 BTC increase in NBIM’s indirect BTC exposure in the past six months,” Lunde said.
Additional investments in other crypto-related companies with significant bitcoin treasuries, such as Block, Coinbase, MARA, and Metaplanet, also contributed to the fund’s indirect BTC exposure.
How NBIM’s indirect BTC exposure grew by 3,340 BTC in H1, 2025. Image: K33.
Bitcoin is still behind its inauguration highs in EUR
Also in the report, Lunde noted bitcoin’s strong U.S. dollar-denominated gains this year, pushing 11.9% above its Jan. 20 inauguration peak to reach a new all-time high of more than $123,000 in July. Still, performance in other currencies tells a different story.
Measured against the DXY dollar index, BTC has risen just 1.5% since January, and it has yet to surpass its January highs in euros, Lunde said, with much of bitcoin’s USD gains reflecting a weaker dollar since Trump’s inauguration, particularly versus European currencies.
Tracking BTC in foreign currencies highlights potential cross-currency resistance levels, with €105,600 standing out as a key BTCEUR barrier before bitcoin can claim undisputed all-time highs, he added.
Bitcoin is currently trading for $120,606, according to The Block’s BTC price page, up 1.8% over the past 24 hours.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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