- NBIM’s Bitcoin exposure reached 7,161 BTC in 2025, rising from 3,821 BTC at the end of 2024, per K33 Research.
- Strategy added 3,005.5 BTC to NBIM’s exposure, with Marathon Digital contributing 216.4 BTC in the first half of 2025.
- Smaller holdings in Tesla, GameStop, and Mercado Libre added under 35 BTC each to NBIM’s total Bitcoin exposure.
Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), increased its indirect Bitcoin exposure in the first half of 2025. Data from K33 Research shows NBIM’s holdings reached 7,161 BTC, worth around $844 million, up from 3,821 BTC at the end of 2024.
This is a 192% year on year jump, according to Vetle Lunde, Head of Research at K33. The expansion came as NBIM deepened stakes in companies with large Bitcoin reserves rather than holding the digital asset directly.
Strategy and Marathon With Majority of Gains
Lunde reported that Strategy, the largest corporate Bitcoin holder, accounted for most of the increase. The firm’s shares added 3,005.5 BTC to NBIM’s indirect exposure. Marathon Digital, a leading Bitcoin miner, contributed a further 216.4 BTC.
This approach allowed NBIM to strengthen its Bitcoin position through equity investments rather than direct ownership. Block, the payments company, added 85.1 BTC to the portfolio.
Coinbase, the largest U.S. based crypto exchange, contributed 57.2 BTC, while Japan’s Metaplanet, the country’s largest Bitcoin treasury holder, added 50.8 BTC. These five companies made up the largest portion of NBIM’s Bitcoin linked gains during the period.
Smaller Holdings Expand Bitcoin Hold
NBIM’s Bitcoin exposure also grew through smaller equity positions in companies with reserves under 35 BTC each. These included Tesla, GameStop, Mercado Libre, Jasmine, Virtu, and WeMade. Though individually modest, these holdings collectively added further to the total exposure.
Unlike Abu Dhabi’s Mubadala Investment, which has taken a position in BlackRock’s spot Bitcoin ETF, NBIM’s method remains indirect. The fund invests in firms with sizable reserves, gaining exposure without the operational complexities of holding Bitcoin itself.
Year’s First Half Sees Strong Growth
According to K33 data, NBIM’s exposure rose by 3,340 BTC in just the first half of 2025. This growth came largely from heavier positions in core treasury firms and the strong accumulation trend among major Bitcoin holding companies.
The strategy shows how Bitcoin linked equities can substantially impact portfolio composition. NBIM’s positions now come from multiple sectors, from crypto mining and exchanges to payment processing and e-commerce.
By diversifying into various corporate holders, the fund’s exposure extends across global markets. This cross sector involvement continues to push Bitcoin into the portfolios of major institutional investors through indirect channels.
