Norway’s $1.5 trillion sovereign wealth fund is now indirectly exposed to more than 7,161 bitcoin (BTC), worth roughly $862.8 million as of June 30, according to fresh analysis from market research firm K33. The figure marks an 87.7% increase over the past six months and nearly a tripling—192.7%—over the past year.
The exposure comes not from direct crypto purchases, but through equity stakes in publicly traded companies holding substantial bitcoin treasuries, such as MicroStrategy, Block, Coinbase, Marathon Digital (MARA), and Metaplanet.
“This is my favorite chart to update whenever the world’s largest sovereign wealth fund discloses holdings,” said K33 Head of Research Vetle Lunde on X. “It shows that BTC is finding its way into any well-diversified portfolio—deliberate or not.”
NBIM's indirect BTC exposure has hit new ATHs of 7,161 BTC.
— Vetle Lunde (@VetleLunde) August 12, 2025
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
How the Fund Holds Bitcoin Without Buying It
The Government Pension Fund Global—managed by Norges Bank Investment Management (NBIM)—invests across global equities, bonds, and real estate. Its bitcoin exposure is calculated by multiplying the percentage of shares it owns in bitcoin-holding companies by those firms’ BTC reserves.
Vetle Lunde
According to Lunde, this exposure is likely unintentional, a byproduct of the fund’s sweeping diversification strategy rather than an active bet on digital assets. Still, he notes it’s “one of the clearest examples of BTC’s advance into mainstream finance.”
Per capita, the exposure works out to around 1,387 Norwegian kroner (about $138) in bitcoin for every Norwegian citizen.
MicroStrategy Leads the Increase
MicroStrategy—often dubbed a corporate bitcoin vault—accounts for the largest share of NBIM’s BTC exposure. The fund held a 1.05% stake in the company valued at $1.18 billion at the end of June, up from 0.72% ($514 million) in late 2024.
This jump, combined with MicroStrategy’s addition of 145,945 BTC in the first half of 2025, drove much of the 3,340 BTC increase in NBIM’s indirect holdings over the past six months. Smaller but notable boosts came from positions in other crypto-forward firms like Block, Coinbase, MARA, and Metaplanet.
Bitcoin’s Mixed Performance Across Currencies
While bitcoin hit a new all-time high above $123,000 in July—about 11.9% higher than its January 20 inauguration peak in USD terms—the picture changes in other currencies.
Measured against the euro, BTC still hasn’t surpassed its January highs, with €105,600 emerging as a key resistance level before euro-denominated records can be claimed. The DXY dollar index shows only a 1.5% gain since January, suggesting much of BTC’s USD rally stems from a softer dollar rather than pure price strength.
At the time of writing, bitcoin trades at $120,606, up 1.8% over the past 24 hours, according to price data.
