Catenaa, Thursday, August 14, 2025- Norway’s $1.5 trillion sovereign wealth fund has sharply increased its indirect exposure to bitcoin, reaching an all-time high of 7,161 BTC ($862.8 million) as of June 30, according to research from K33.
The figure marks an 87.7% rise in six months and a 192.7% increase over the past year.
The Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), does not directly hold bitcoin. Its exposure comes from equity stakes in companies with large BTC treasuries, including Strategy, Block, Coinbase, Marathon Digital and Metaplanet.
NBIM’s largest contributor is its 1.05% stake in Strategy, valued at $1.18 billion, up from 0.72% at the end of 2024.
Strategy’s first-half accumulation of 145,945 BTC drove a 3,340-BTC increase in the fund’s indirect holdings.
K33 Head of Research Vetle Lunde said the growth was likely incidental, a byproduct of NBIM’s broad diversification strategy. He described it as a clear example of bitcoin’s integration into mainstream institutional portfolios.
Measured per citizen, Norway’s bitcoin exposure equates to 1,387 kroner ($138) each. Lunde said index investors worldwide are increasingly gaining BTC exposure “through proxies” as more corporations add the asset to their balance sheets.
While bitcoin has set new records in U.S. dollar terms this year, topping $123,000 in July, it remains below peak levels in euros, with €105,600 seen as a key resistance level. Bitcoin traded at $120,606 Wednesday, up 1.8% in 24 hours.
