Norway Fund’s Bitcoin Holdings Surge 149% to 9,573 BTC in 2025

TLDR

• Norway’s sovereign wealth fund saw a 149% increase in its indirect Bitcoin exposure in 2025.
• The fund’s total Bitcoin exposure reached 9,573 BTC by the end of 2025.
• K33 reported that the fund’s Bitcoin exposure is valued at 8.5 billion NOK or $837 million USD.
• The fund has not directly purchased Bitcoin but holds shares in companies with significant Bitcoin holdings.
• Strategy, MARA, Metaplanet, Coinbase, and Block are key contributors to the fund’s Bitcoin exposure.

Norway’s sovereign wealth fund, the Government Pension Fund Global, saw its indirect Bitcoin exposure increase by 149% in 2025. The total exposure reached 9,573 BTC, according to K33 data. Despite the fund not directly holding Bitcoin, its investments in companies holding the cryptocurrency have grown significantly.

Indirect Bitcoin Exposure Reaches 9,573 BTC

The Norwegian sovereign wealth fund’s exposure to Bitcoin has risen sharply. By the end of 2025, the fund’s indirect Bitcoin holdings totaled 9,573 BTC. This represents a 149% increase from the previous year. The exposure comes from shares in companies that hold large Bitcoin treasuries, including Strategy, MARA, Metaplanet, Coinbase, and Block. K33, a market analytics firm, reported these figures, with the value of the Bitcoin exposure reaching 8.5 billion NOK or $837 million USD.

Despite the sharp increase, the fund has not directly purchased Bitcoin. “While BTC price action has been horrendous for a while, NBIM’s indirect BTC exposure marches higher,” said Vetle Lunde, Head of Research at K33. He noted that the fund’s indirect Bitcoin holdings have grown despite the challenging market conditions for the cryptocurrency. However, the actual percentage of the fund’s total assets tied to Bitcoin remains small, at just under 0.04%.

Strategy, MARA, Metaplanet, Coinbase, and Block Lead the Way

The exposure is primarily from five companies holding Bitcoin. Strategy, a leading company in Bitcoin holdings, accounts for 81% of the fund’s indirect exposure. This translates to 7,801 BTC in indirect exposure from Strategy’s stock. The fund’s largest percentage ownership in a Bitcoin-holding company is with Metaplanet, a Japanese treasury giant. NBIM holds 1.69% of Metaplanet’s stock, which contributes 593 BTC to the fund’s total indirect Bitcoin exposure.

Other companies, such as MARA, Coinbase, and Block, also contribute to the fund’s Bitcoin exposure. The Norwegian sovereign wealth fund holds 618 BTC from MARA, 156 BTC from Coinbase, and 105 BTC from Block. This broad exposure shows the fund’s growing indirect interest in Bitcoin through its investments in companies focused on cryptocurrency.

The growth of Bitcoin exposure within Norway’s sovereign wealth fund highlights the cryptocurrency’s increasing integration into mainstream finance. K33’s data shows that the fund’s holdings are part of a broadly diversified portfolio. The fund holds shares in companies with diverse investments, and its exposure to Bitcoin is a result of this diversification.

Lunde added, “While short-term price action sucks, the growth trend highlights the strong underlying institutional adoption of BTC.” However, he emphasized that the fund’s exposure to Bitcoin is likely a byproduct of its diversified investment strategy rather than a deliberate focus on the cryptocurrency.

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