Key Takeaways
- • According to digital asset research firm K33 Research, Norway's sovereign wealth fund (NBIM) increased its indirect BTC exposure by 192.7% over the past year to 7,161 BTC, worth about $871.3 million at time of writing.
- • Exposure grew 87.7% in the first half of 2025, adding 3,340 BTC, with the increase driven largely by holdings in MicroStrategy (MSTR), MARA, Block, Coinbase, and Metaplanet.
- • MicroStrategy is the largest contributor, owning 597,325 BTC ($72.6 billion) as of July 8, per K33's analysis of the NBIM half-year 2025 report.
- • The fund's indirect exposure reflects holdings in listed companies rather than direct bitcoin purchases, and the fund's total assets are over $1.9 trillion as of June 2025.
Summary
Norway's sovereign wealth fund, the Government Pension Fund Global managed by Norges Bank Investment Management (NBIM), increased its indirect bitcoin exposure by 192% over the past year, according to digital asset research company K33 Research. Following the release of Norges Bank's half-year 2025 report, K33 found that the fund's indirect BTC exposure reached 7,161 BTC, worth around $871.3 million at the time of writing. The exposure rose 87.7% in the first six months of 2025, an increase of 3,340 BTC, according to K33 head of research Vetle Lunde, who described the figures as new all-time highs in a post on X on August 12.
Lunde attributed the growth to increased weightings in treasury-focused vehicles, including Strategy (MicroStrategy) and MARA, along with broader BTC accumulation by corporate treasuries. He identified the five largest contributors to the fund's increased exposure as MicroStrategy (NASDAQ: MSTR), which holds 597,325 BTC ($72.6 billion) as of July 8; MARA (NASDAQ: MARA), which reportedly holds 50,639 BTC ($6.1 billion); Block, reported to hold 8,692 BTC ($1.05 billion); Coinbase (NASDAQ: COIN), with approximately 11,776 BTC ($1.4 billion); and Metaplanet (NASDAQ: MTPLF), reported to hold 18,113 BTC ($2.19 billion). Metaplanet also reported a near-190% year-to-date share price gain in its second-quarter 2025 earnings, outperforming the 7.2% average gain of the TOPIX Core 30 index.
NBIM's total assets exceeded $1.9 trillion as of June 2025. The fund is mandated to invest only outside Norway, and it grew from a petroleum fund created by the Norwegian Parliament using oil and gas revenues. Its indirect BTC exposure comes through listed blockchain and digital asset companies within its broader equity portfolio. Lunde said the report "shows that BTC is finding its way into any well-diversified portfolio, deliberate or not." She also noted BTC's gains of more than 11.9% above its January 20 peak of $109,000, reaching a record above $123,000 in July, which she linked to U.S. policy, including an executive order opening $9 trillion in 401(k) plans to digital assets.
Lunde attributed the growth to increased weightings in treasury-focused vehicles, including Strategy (MicroStrategy) and MARA, along with broader BTC accumulation by corporate treasuries. He identified the five largest contributors to the fund's increased exposure as MicroStrategy (NASDAQ: MSTR), which holds 597,325 BTC ($72.6 billion) as of July 8; MARA (NASDAQ: MARA), which reportedly holds 50,639 BTC ($6.1 billion); Block, reported to hold 8,692 BTC ($1.05 billion); Coinbase (NASDAQ: COIN), with approximately 11,776 BTC ($1.4 billion); and Metaplanet (NASDAQ: MTPLF), reported to hold 18,113 BTC ($2.19 billion). Metaplanet also reported a near-190% year-to-date share price gain in its second-quarter 2025 earnings, outperforming the 7.2% average gain of the TOPIX Core 30 index.
NBIM's total assets exceeded $1.9 trillion as of June 2025. The fund is mandated to invest only outside Norway, and it grew from a petroleum fund created by the Norwegian Parliament using oil and gas revenues. Its indirect BTC exposure comes through listed blockchain and digital asset companies within its broader equity portfolio. Lunde said the report "shows that BTC is finding its way into any well-diversified portfolio, deliberate or not." She also noted BTC's gains of more than 11.9% above its January 20 peak of $109,000, reaching a record above $123,000 in July, which she linked to U.S. policy, including an executive order opening $9 trillion in 401(k) plans to digital assets.
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