This represents an 87.7% rise in the last six months and a 192.7% increase over the past year. The gains stem largely from the fund’s positions in companies with significant Bitcoin treasuries, including Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet.
While Lunde noted the exposure is likely an outcome of NBIM’s broad, diversified investment strategy rather than a targeted bet on Bitcoin, he highlighted it as a clear example of how BTC is becoming part of mainstream financial portfolios, often by default.
The most significant contributor to NBIM’s increased Bitcoin exposure is its stake in business intelligence and corporate BTC treasury firm Strategy.
Additional exposure came from holdings in other public companies with sizeable Bitcoin reserves. Firms such as Block, Coinbase, MARA, and Metaplanet have increased or maintained significant BTC balances, further contributing to the upward trend.
Lunde pointed out that per capita, NBIM’s Bitcoin exposure now amounts to roughly 1,387 Norwegian kroner, or about $138, for each Norwegian citizen.
The report also placed the fund’s Bitcoin exposure within the context of BTC’s recent market performance. In US dollar terms, BTC reached an all-time high of more than $123,000 in July, up 11.9% from its January 20 level.
Featured image created with DALL-E, Chart from TradingView
