Norwegian Sovereign Fund Boosts Bitcoin Holdings 192% YOY
- Norges Bank’s Bitcoin exposure increases 192% in 2025.
- Exposure through stakes in major BTC treasury holders.
- No direct Bitcoin purchases by Norges Bank found.
Norway’s sovereign wealth fund, Norges Bank Investment Management, increased its indirect Bitcoin exposure by 192% year-on-year in 2025, accumulating 7,161 BTC through equity stakes in Bitcoin-treasury companies.
This places the fund among the largest institutional Bitcoin holders, highlighting a trend of rising indirect Bitcoin investments amid regulatory restrictions.
Norges Bank Investment Management (NBIM) increased its Bitcoin exposure by 192% YOY. This change reflects strategic investments in companies like Strategy and Marathon Digital, known for large Bitcoin holdings. NBIM acts as an institutional allocator.
Though NBIM has expanded Bitcoin exposure, no direct positions in cryptocurrencies were noted. Vetle Lunde, a Senior Analyst at K33 Research, highlighted the indirect strategy using equity stakes rather than direct BTC purchases, emphasizing diversified portfolios.
No direct effects on cryptocurrency markets or regulations have emerged. BTC exposure came through public Bitcoin treasury companies, primarily Strategy. Analyst Vetle Lunde commented on the growing role of Bitcoin in diversified portfolios.
Financial implications arise from NBIM’s holdings in companies with significant Bitcoin treasuries. Although no regulatory changes were noted, the trend of institutional investment indirectly engaging with Bitcoin seems intact, driven by market dynamics and corporate strategies.
Possible outcomes include increased institutional adoption of cryptocurrencies through indirect exposure. These moves could shape portfolio strategies, with Bitcoin’s role in corporate treasuries gaining momentum as seen in past market shifts.
Institutional strategies involving Bitcoin reflect broader trends since 2021. Historical precedents like MicroStrategy and Tesla show similar shifts, resulting in Bitcoin price impacts and investor interest. Such steps highlight Bitcoin’s proliferation in institutional portfolios.
The trend highlights how Bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a byproduct of equity investments in BTC-heavy companies. – Vetle Lunde, Senior Analyst, K33 Research
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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