As Bitcoin (BTC) steadily marches toward setting another all-time high (ATH), the cryptocurrency’s adoption is rising in parallel. In a recent X post, Vetle Lunde, senior analyst at K33 Research, highlighted that Norway’s Sovereign Wealth Fund has increased its indirect exposure to BTC.
Lunde noted that Norway’s sovereign wealth fund – Norges Bank Investment Management (NBIM) – has significantly raised its indirect BTC exposure in 2025. He remarked:
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, intentional or not.
Notably, the NBIM fund increased its Bitcoin stake to 7,161 BTC. At current market prices, this is valued at approximately $844 million.
At the end of 2024, the fund’s exposure stood at 3,821 BTC, meaning its indirect holdings jumped by 3,340 BTC in just the first half of 2025. In percentage terms, that’s a massive 192% year-on-year increase.
According to Lunde, the surge in BTC exposure was primarily driven by the fund’s significant positions in core treasury vehicles such as Strategy and Marathon Digital. It was also supported by strong Bitcoin accumulation among other top corporate treasury holders.
Combined, these two companies own more than 3% of Bitcoin’s total supply, valued at over $81 billion at current market prices. For NBIM, Strategy added 3,005.5 BTC to its indirect exposure, while Marathon Digital contributed 216.4 BTC.
Other notable contributors to the sovereign wealth fund’s Bitcoin exposure include Block (85.1 BTC), Coinbase (57.2 BTC), Metaplanet (50.8 BTC), and GameStop (33 BTC). Conversely, Riot Platforms reduced exposure by 76.7 BTC.
