How Did NBIM’s Bitcoin Exposure Grow Without Buying Bitcoin?
Norway’s sovereign wealth fund increased its indirect exposure to bitcoin to 9,573 BTC by the end of 2025, according to data compiled by crypto research firm K33. The exposure comes entirely through equity holdings in publicly listed companies that hold bitcoin on their balance sheets, rather than through direct ownership of the asset.
K33 estimates that Norges Bank Investment Management (NBIM), which manages the Government Pension Fund Global, held the equivalent of 8.5 billion Norwegian kroner, or about $837 million, in bitcoin-linked exposure at year-end. That represents a 149% increase from the previous year, despite a period of weak bitcoin price performance.
“While BTC price action has been horrendous for a while, NBIM’s indirect BTC exposure marches higher,” K33 Head of Research Vetle Lunde wrote on X. He added that the exposure was valued at $837 million in dollar terms by the end of 2025.
Investor Takeaway
Which Companies Account for Most of the Exposure?
Strategy remains the dominant contributor to NBIM’s indirect bitcoin exposure. K33 data shows that 81% of the fund’s bitcoin-linked holdings come from its stake in Strategy, equivalent to 7,801 BTC. The concentration reflects Strategy’s long-standing approach of holding bitcoin as a core treasury asset.
Beyond Strategy, NBIM’s exposure is spread across a small group of companies with substantial bitcoin treasuries. The fund holds its largest percentage ownership in Japan-listed Metaplanet, where a 1.69% equity stake translates into indirect exposure to 593 BTC, according to K33.
Additional contributions come from MARA, Coinbase, and Block. These positions add an estimated 618 BTC, 156 BTC, and 105 BTC, respectively, to the fund’s overall exposure. Outside of Coinbase, K33’s analysis shows that the exposure is limited to bitcoin-focused treasury companies rather than firms centered on other digital assets.
“Per our observations, NBIM does not hold exposure in any digital asset treasury company focused on other cryptocurrencies such as BitMine,” Lunde said.
Does Bitcoin Meaningfully Affect the Fund’s Allocation?
Despite the sharp rise in absolute exposure, bitcoin-linked holdings remain a small slice of the overall portfolio. Lunde noted that indirect bitcoin exposure accounted for just under 0.04% of NBIM’s total assets, a level that remained unchanged from the first half of 2025.
“This may indicate a somewhat deliberate weighting in this exposure,” Lunde said, suggesting that while exposure has grown alongside equity positions, it has not altered the fund’s broader allocation profile.
NBIM oversees one of the world’s largest sovereign wealth funds, with assets exceeding $2 trillion invested mainly across global equities, fixed income, and real estate. The fund is owned by the Norwegian state and sits under the central bank, though it operates as a separate unit under guidance from the Ministry of Finance.
Investor Takeaway
What the Data Says About Institutional Bitcoin Adoption
K33’s methodology calculates indirect exposure by multiplying NBIM’s ownership stakes in bitcoin-holding companies by those firms’ bitcoin treasuries. Lunde has previously argued that this approach offers a clear view into how bitcoin enters traditional portfolios through equity markets rather than direct allocation.
“It’s important to address that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio,” Lunde said following an earlier update. “Still, it represents one of the best clear-cut examples of BTC’s advance into mainstream finance.”
Bitcoin was trading near $82,500 at the time of reporting, down more than 6% over 24 hours amid a wider market selloff. Despite that backdrop, NBIM’s exposure continued to rise as companies with bitcoin-heavy balance sheets expanded holdings or saw their equity positions grow within the fund.
“My motivation for monitoring NBIM’s indirect BTC exposure is to highlight how BTC is finding its way into any well-diversified portfolio, deliberate or not,” Lunde said. “While short-term price action sucks, the growth trend highlights the strong underlying institutional adoption of BTC.”
