Norway sovereign wealth fund’s indirect bitcoin exposure rises to 9,573 BTC
Norway’s sovereign wealth fund has increased its indirect exposure to bitcoin to the equivalent of 9,573 BTC, according to Vetle Lunde, Head of Research at K33. The exposure comes through equity stakes in publicly traded companies that hold bitcoin on their balance sheets rather than through direct BTC purchases.
K33 estimates that Strategy accounted for 81% of Norges Bank Investment Management’s (NBIM) total indirect bitcoin exposure, valued at $837 million at the end of 2025. The fund also holds positions in MARA, Metaplanet, Coinbase and Block — firms that have accumulated significant bitcoin reserves.
Measured in Norwegian krone, NBIM’s indirect BTC exposure reached roughly NOK 8.5 billion by year-end 2025. However, the overall portfolio weighting tied to bitcoin-related holdings remained largely unchanged from the first half of the year at just under 0.04% of total assets, suggesting the exposure may be a byproduct of broad diversification rather than a targeted allocation strategy.
K33’s methodology multiplies NBIM’s ownership stakes in bitcoin-holding companies by the amount of BTC those companies hold in their corporate treasuries.
Strategy represents the largest source of exposure, contributing an estimated 7,801 BTC. By ownership percentage, however, NBIM’s largest relative stake is in Japan’s Metaplanet, translating to about 593 BTC of indirect exposure. Additional holdings in MARA, Coinbase and Block contribute roughly 618 BTC, 156 BTC and 105 BTC, respectively.
According to K33, NBIM’s indirect digital asset exposure appears to be largely limited to bitcoin, aside from its investment in Coinbase. The trend highlights how bitcoin is increasingly entering mainstream finance through traditional equity markets rather than direct sovereign accumulation.
Norway’s sovereign wealth fund has increased its indirect exposure to bitcoin to the equivalent of 9,573 BTC, according to Vetle Lunde, Head of Research at K33. The exposure comes through equity stakes in publicly traded companies that hold bitcoin on their balance sheets rather than through direct BTC purchases.
K33 estimates that Strategy accounted for 81% of Norges Bank Investment Management’s (NBIM) total indirect bitcoin exposure, valued at $837 million at the end of 2025. The fund also holds positions in MARA, Metaplanet, Coinbase and Block — firms that have accumulated significant bitcoin reserves.
Measured in Norwegian krone, NBIM’s indirect BTC exposure reached roughly NOK 8.5 billion by year-end 2025. However, the overall portfolio weighting tied to bitcoin-related holdings remained largely unchanged from the first half of the year at just under 0.04% of total assets, suggesting the exposure may be a byproduct of broad diversification rather than a targeted allocation strategy.
K33’s methodology multiplies NBIM’s ownership stakes in bitcoin-holding companies by the amount of BTC those companies hold in their corporate treasuries.
Strategy represents the largest source of exposure, contributing an estimated 7,801 BTC. By ownership percentage, however, NBIM’s largest relative stake is in Japan’s Metaplanet, translating to about 593 BTC of indirect exposure. Additional holdings in MARA, Coinbase and Block contribute roughly 618 BTC, 156 BTC and 105 BTC, respectively.
According to K33, NBIM’s indirect digital asset exposure appears to be largely limited to bitcoin, aside from its investment in Coinbase. The trend highlights how bitcoin is increasingly entering mainstream finance through traditional equity markets rather than direct sovereign accumulation.
