The Norwegian Wealth Fund (NBIM) has reached a new historical high in the volume of indirect investments in Bitcoin. According to analysts at K33, as of June 30, 2025, the fund indirectly owned 7,161 BTC, which is an increase of 87.7% compared to six months ago and nearly three times higher than last year’s figure.
This is reported by Business • Media
Growth Driven by Portfolio Diversification
The main contribution to this result came from Strategy (formerly MicroStrategy), whose active purchases allowed NBIM to increase its stake in Bitcoin by 3,340 BTC in just six months. By the end of June 2025, the fund owned 1.05% of Strategy’s shares worth $1.18 billion, which is $514 million more compared to the end of 2024. Additionally, NBIM’s portfolio includes shares of companies such as Block, Coinbase, MARA, and Metaplanet, which also accumulate Bitcoin on their balance sheets.
Analysts emphasize that this growth in indirect exposure to the first cryptocurrency is a result of the fund’s broad portfolio diversification rather than its targeted strategy.
“The fund invests in a maximally diversified manner, and Bitcoin ends up in its portfolio indirectly, through companies with crypto assets,” noted Vetle Lunde, head of the research department at K33.
Impact on Citizens and Market Trends
According to K33’s calculations, each Norwegian citizen has about $138 in indirect Bitcoin exposure through NBIM. Experts highlight that this trend is intensifying amid the active growth of corporate treasuries, which are increasingly choosing Bitcoin as a strategic asset. Such indirect ownership of digital assets has already become the norm for index investors, and with the expansion of the practice of holding Bitcoin on the balance sheets of large companies, the share of indirect investments will only continue to grow.
The Global Government Pension Fund of Norway is managed by NBIM under the supervision of the country’s Ministry of Finance. Currently, its assets are estimated at around $1.5 trillion, invested in securities, bonds, and real estate.
It is worth noting that Bitcoin recently reached a historical high, surpassing the $124,000 mark.
