Norway’s $1.9 trillion fund raised Bitcoin exposure through companies with large crypto reserves.
The fund now holds 7161 BTC without buying Bitcoin directly.
Strategy and Marathon added over 3200 BTC to the fund’s indirect Bitcoin exposure.
Norway’s $1.9 trillion sovereign wealth fund which is managed by Norges Bank Investment Management (NBIM), increased its indirect Bitcoin exposure to 7,161 BTC by the second quarter of 2025. This marks a sharp rise from the 2,446 BTC recorded in the same period last year. The growth reflects a 192% year-over-year increase, according to data from K33 Research.
https://twitter.com/Cointelegraph/status/1955449299422052493
The boost in exposure equals an additional 3,340 BTC added in the first six months of 2025. This brings the fund’s Bitcoin-linked value to approximately $844 million. Unlike other sovereign entities investing directly in crypto assets, NBIM gains exposure through equities in firms with significant Bitcoin holdings.
Major Contributions from Bitcoin-Heavy Companies
NBIM’s largest gains came from holdings in Strategy, formerly known as MicroStrategy. The firm contributed 3,005.5 BTC to the increase. Marathon Digital, a Bitcoin mining company, followed with 216.4 BTC. Other contributions came from Block with 85.1 BTC and Coinbase with 57.2 BTC.
Japan-based Metaplanet, known as the country’s biggest Bitcoin treasury holder, added 50.8 BTC to the fund’s exposure. Smaller additions came from various public companies, each contributing under 35 BTC. These include Tesla, GameStop, Mercado Libre, Jasmine, Virtu, and WeMade.
Diversification Without Direct Holdings
NBIM continues to avoid direct ownership of cryptocurrencies. Instead, it builds indirect exposure by investing in Bitcoin-heavy corporations unlike Mubadala of Abu Dhabi which invested in spot Bitcoin ETFs.
The indirect strategy allows NBIM to maintain regulatory compliance while gaining exposure to Bitcoin-linked assets. This model also fits within broader diversification goals without breaching investment mandates that restrict direct cryptocurrency holdings. Meanwhile, the Norway Government is also considering a ban on new crypto mining centers so as to preserve electricity for sectors that provide economic value.
Growing Role of Bitcoin in Equity Portfolios
The trend underlines how Bitcoin is increasingly embedded within equity portfolios of institutional investors. Exposure often comes as a byproduct of investments in firms with large crypto reserves. For NBIM, this strategy expands its asset base while remaining within traditional equity frameworks.
The rising numbers show a wider pattern of acceptance, where Bitcoin-related equities are becoming more common in public fund portfolios. With multiple companies expanding their crypto holdings, indirect exposure through equities may continue rising. This could shape how other sovereign investors approach digital assets without holding crypto directly.
