This means that NBIM’s exposure increased by 3,340 BTC during the first half of 2025 alone.
Breaking down the contributors, Strategy, the largest corporate Bitcoin holder, accounted for the largest portion of the growth, adding 3,005.5 BTC to NBIM’s indirect exposure.
In Lunde’s view, the trend highlights how Bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a byproduct of equity investments in BTC-heavy companies.
