Norway $1.5 trillion wealth fund increases Bitcoin investments sharply

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Mikhail Vnuchkov

14.08.2025

Norway $1.5 trillion wealth fund increases Bitcoin investments sharply — NBIM’s indirect Bitcoin exposure surges nearly 200% in one year

According to its latest semi-annual report, Norway’s sovereign wealth fund (NBIM) increased its indirect Bitcoin exposure by 192.7% compared to last year. As of June 30, 2025, the fund’s portfolio indirectly held 7,161 BTC worth around $862.8 million.

NBIM does not buy Bitcoin directly but invests in companies with Bitcoin treasuries, such as MicroStrategy. According to K33, NBIM’s stake in MicroStrategy shares — representing 1.05% (3,005 BTC) — grew by 133% from 2024. As of June 30, MicroStrategy’s assets were valued at $1.2 billion, up from $514 million at the end of 2024.

NBIM has also invested in 216 BTC via MARA Holdings, around 85 BTC via Block, 57.2 BTC via Coinbase, and around 50.8 BTC via Metaplanet. K33’s calculation of NBIM’s BTC holdings is based on the proportion of company shares owned multiplied by the size of their Bitcoin treasuries.

“It is important to note that this share is most likely not a deliberate strategy by the fund, but rather the result of its broad portfolio diversification. Nevertheless, it is one of the clearest examples of BTC’s penetration into traditional finance,” said K33 Research Director Vetle Lunde.

He added that NBIM’s indirect BTC investment chart is his favorite, updated every time companies disclose their assets. It clearly shows that Bitcoin has found a place in any well-diversified portfolio.

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According to his method, Norway’s sovereign wealth fund increased its Bitcoin holdings by 87.7% in just six months of 2025, adding around 4,714 BTC. K33’s research also showed that NBIM’s Bitcoin exposure amounts to 1,387 Norwegian kroner ($138) per capita in Norway.

Why is Norway investing in Bitcoin?

NBIM operates as a separate arm of Norway’s central bank and is one of the world’s largest sovereign wealth funds, with assets of around $1.5 trillion. Lunde noted that NBIM’s indirect BTC holdings have surged over the past five years, thanks to treasury companies doubling their BTC positions. He also credited growth to players like MicroStrategy continuing aggressive accumulation strategies.

The researcher linked NBIM’s BTC investments to Bitcoin’s strong 11.9% rise this year and noted that gains were less pronounced in other currencies, with BTC up only 1.5% against the US Dollar Index, still below January highs in euros.

As we wrote, Why is Bitcoin up today (August 14)?

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