Following its latest biannual disclosures on Tuesday, Norway’s sovereign wealth fund now holds an indirect Bitcoin exposure of 7,161 BTC, worth about $862.8 million, driven by stakes in companies like Strategy, Block, Coinbase, MARA, and Metaplanet.
The estimate comes from K33 and reflects holdings as of June 30. The jump comes as firms add Bitcoin to their treasuries and as the fund’s broad equity mix picks up exposure. K33 said the rise is likely a side effect of diversification rather than a direct bet on bitcoin.
Rising exposure
K33 reported an 87.7% gain in NBIM’s indirect bitcoin exposure over the past six months. Over the past year, the exposure climbed 192.7%. The firm noted that these increases set new records for indirect BTC holdings by Norway’s Government Pension Fund Global.
Vetle Lunde, head of research at K33, posted on X that “NBIM’s indirect BTC exposure has hit new ATHs of 7,161 BTC.” He said he updates the chart each time the fund publishes holdings.
Lunde sees the trend as a clear sign that bitcoin is entering many well-diversified portfolios, whether intentionally or not.
How the figure was calculated
K33’s method multiplies the share of bitcoin-holding firms owned by Norges Bank Investment Management by those firms’ Bitcoin treasuries.
That approach captures so-called indirect exposure when a fund holds equity in companies that themselves hold bitcoin.
Lunde warned that the exposure is probably not a deliberate Bitcoin allocation by the fund. He described it instead as a consequence of broad index and equity bets that now include firms with sizable crypto treasuries.
Fund structure and scale
Norway’s central bank runs the Government Pension Fund Global through a unit called Norges Bank Investment Management, or NBIM. The fund is one of the world’s largest sovereign wealth pools with about $1.5 trillion in assets. Its main holdings are global stocks, bonds and real estate.
K33 put the fund’s Bitcoin exposure on a per capita basis. The firm said the figures amount to 1,387 NOK per Norwegian citizen, or roughly $138 each.
Also Read: MicroStrategy’s Bitcoin Strategy Attracts $500M Investment From Norway Central Bank
Companies behind the exposure
The rise stems from holdings in several companies that have placed bitcoin on their balance sheets. Among the names K33 highlighted are Strategy, Block, Coinbase, MARA and Metaplanet.
Strategy in particular has kept adding to its treasury, while established players also contributed to the total indirect exposure.
In October 2024, UnoCrypto reported that Norway’s central bank is probably going to propose its own digital currency. Norges Bank is still on track to finish recommending the introduction of a central bank digital currency in one of the most paperless countries in the world next year.
Currency perspective
Lunde also noted that bitcoin’s headline gains vary by currency. He said BTC rose 11.9% above its Jan. 20 inauguration peak to reach a new all-time high of more than $123,000 in July.
But measured against the DXY dollar index, bitcoin has gained only 1.5% since January. In euros, Bitcoin has not yet cleared its January highs.
Those cross-currency differences matter, Lunde said, because a weaker dollar lifts bitcoin’s USD price even when performance in other currencies looks muted. He pointed to a potential resistance level for bitcoin priced in euros at €105,600 before it can claim to clear all-time highs in that currency.
What does it mean for investors?
K33 argued that many index and broadly diversified investors now carry some Bitcoin exposure through equity proxies. As more companies add bitcoin to their treasuries, that indirect exposure will likely grow. For large passive investors, this creates an accidental channel into digital assets.
The trend also raises questions about how funds manage exposure to volatile assets that appear indirectly through equity holdings. The figures could prompt more discussion about whether and how to report such risks.
Also Read: Norway’s BiorBank Prepares to Launch Crypto-Centric Banking App