Norway’s Sovereign Wealth Fund boosts indirect Bitcoin exposure by 192% in H1 2025

Norway’s Sovereign Wealth Fund (Norges Bank Investment Management) has increased its indirect exposure to Bitcoin by 192% year-on-year, reaching a total of 7,161 BTC (approximately $844 million) by mid-2025, up from 3,821 BTC at the end of 2024.

This means the fund added 3,340 BTC in just the first half of 2025.

Most of this indirect BTC exposure comes from investments in:

MicroStrategy: +3,005.5 BTC

Marathon Digital: +216.4 BTC

Block: +85.1 BTC

Coinbase: +57.2 BTC

Metaplanet: +50.8 BTC

Smaller amounts from GameStop, Tesla, Mercado Libre, Jasmine, Virtu, and WeMade.