Norway's Sovereign Wealth Fund Increased Its Bitcoin Exposure by 149 Percent

The Norwegian sovereign wealth fund has increased its indirect exposure to Bitcoin (BTC) by 149% by 2025, reaching a total of 9,573 BTC. This increase occurred without direct purchases; the Government Pension Fund Global continues to maintain a strong presence in cryptocurrencies without directly adding Bitcoin to its balance sheet.

According to research company K33, the fund's manager Norges Bank Investment Management (NBIM) aims to achieve a total indirect BTC position worth approximately 8.5 billion Norwegian kroner, or about 837 million dollars, through companies associated with Bitcoin by the end of 2025. This significant increase is driven by the fact that NBIM's global equity portfolio includes companies that continue to accumulate Bitcoin. However, despite the fund's total asset size being over two trillion dollars, the share of Bitcoin-linked investments remains below 0.04% of the portfolio. This situation indicates that exposure is being kept at a controlled level.

According to K33, 81% of NBIM's indirect Bitcoin exposure occurs through Strategy stocks. The total amount of Bitcoin reflected in the fund's portfolio through company shares stands at 7,801 BTC. However, the company providing the highest exposure on a ratio basis is Japan-based Metaplanet. By holding 1.69% of Metaplanet shares, NBIM indicates that this stake translates into an indirect exposure equivalent to 593 BTC. Additionally, exposure has been formed through shares of MARA, Coinbase, and Block with 618 BTC, 156 BTC, and 105 BTC respectively.

K33 Research Director Vetle Lunde indicates that this scenario is not only a conscious Bitcoin strategy but also a natural result of a broad and diversified portfolio. However, this situation is also considered one of the clearest examples of Bitcoin quietly integrating into the traditional financial world.