Norway's indirect investments in bitcoin reached a record $862 million

The indirect investments of the Norwegian sovereign wealth fund in bitcoins reached an all-time high. According to analytical company K33, as of June 30, 2025, the fund’s exposure to cryptocurrency amounted to 7161 BTC. This is 87.7% higher than the level six months ago and nearly three times higher than a year ago.

The head of the research department at K33, Vetle Lunde, explained that the calculations are based on the shares of Norges Bank Investment Management (NBIM) in public companies holding bitcoins on their balance sheets. The largest contribution came from the company Strategy (previously MicroStrategy), whose active bitcoin purchases increased the fund’s share by 3340 BTC in just six months.

As of the end of June, NBIM owned 1.05% of Strategy shares worth $1.18 billion — an increase of $514 million compared to the end of 2024. In addition, the fund holds share packages in companies Block, Coinbase, MARA, and Metaplanet, which are also accumulating bitcoins.

Lunde emphasized that such exposure to risk is not a conscious strategy of Norway.

According to K33’s calculations, each citizen of Norway has an indirect share of about $138 in Bitcoin through NBIM.

The analyst added that the trend is strengthening against the backdrop of the growth of corporate treasuries focused on the first cryptocurrency. According to him, such indirect exposure has already become the norm for any index investor, and with the expansion of the practice of placing bitcoin on the balance sheets of large companies, this phenomenon will only grow.

The Norwegian Government Pension Fund Global is managed by NBIM under the supervision of the Ministry of Finance. It is considered the largest in the world, with assets of approximately $1.5 trillion, which are invested in stocks, bonds, and real estate.

Let us remind you that we wrote that bitcoin updated its historical maximum at a level above $124,000.