Why Norway’s Sovereign Wealth Fund Just Raised Its Bitcoin Bet by Nearly 200%—And What It Means for Your Portfolio
Ever wonder how the giants of the investment world are dipping their toes—and then some—into the murky waters of Bitcoin without actually holding the digital coins outright? Norway’s mammoth $1.9 trillion sovereign wealth fund, managed by Norges Bank Investment Management, just turned heads by ramping up its indirect Bitcoin exposure by a jaw-dropping 192% in Q2, reaching an eye-popping 7,161 BTC. Instead of buying Bitcoin directly, this titan is cleverly stacking stakes in companies with hefty Bitcoin reserves like Strategy and Marathon Holdings, reshaping the traditional investment playbook. While some may rush to grab the latest Bitcoin ETF, Norway’s fund plays the long game—diversifying smartly and quietly. This kind of strategic stealth begs the question: are we seeing the future of corporate crypto investment unfolding one calculated move at a time? Let’s dive deeper. LEARN MORE.
Mubadala Investment has bought into BlackRock’s spot Bitcoin ETF, but NBIM is not expected to follow.
Key Takeaways
- Norway’s sovereign wealth fund increased its indirect Bitcoin holdings by 192% in Q2.
- The fund gains Bitcoin exposure primarily through investments in major Bitcoin-holding companies.
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Norway’s $1.9 trillion sovereign wealth fund, run by Norges Bank Investment Management, hit 7,161 BTC in indirect Bitcoin exposure in the second quarter of this year, according to Vetle Lunde, Head of Research at K33. That’s up 192% from 2,446 BTC a year earlier.
NBIM’s indirect BTC exposure has hit new ATHs of 7,161 BTC.
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. pic.twitter.com/oLLtTMwhux
— Vetle Lunde (@VetleLunde) August 12, 2025
The fund’s increased Bitcoin exposure comes through investments in Bitcoin-heavy companies, primarily Strategy and Marathon Holdings, which are among the largest corporate players in the Bitcoin market.
NBIM also maintains positions in Block, Coinbase, and Metaplanet, Japan’s largest Bitcoin treasury holder.
Increased weights in core treasury vehicles such as @Strategy and @MARA and the overall strong BTC accumulation from treasury comps has fueled the H1 growth of 3,340 BTC.
Top 5 contributors to NBIMs increased BTC exposure:
1. MSTR
2. MARA
3. Block
4. Coinbase
5. Metaplanet pic.twitter.com/6zoGz6ZHuo— Vetle Lunde (@VetleLunde) August 12, 2025
Additional Bitcoin exposure comes from smaller holdings in Tesla, GameStop, and Mercado Libre, among other companies.
Unlike Abu Dhabi’s Mubadala Investment, which has invested in BlackRock’s spot Bitcoin ETF, NBIM builds its Bitcoin exposure indirectly through stakes in companies with sizable reserves, diversifying its portfolio without holding crypto directly.
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