Norway's sovereign wealth fund's Bitcoin holdings surged by 192% in 2025, approaching $844 million.

Norwegian Bank Investment Management (NBIM), one of the largest sovereign wealth funds in the world, significantly increased its exposure to Bitcoin (BTC) in the first half of 2025. The latest data shows that the number of BTC indirectly held increased by 192% year-on-year, jumping from 3,821 coins at the end of 2024 to 7,161 coins, valued at approximately 844 million USD at current prices. This move highlights the rapidly rising position of Bitcoin in global institutional asset allocation.

Institutional accumulation accelerated with an increase of 3,340 BTC over six months

(Source: K33 Research)

According to a report released by K33 Research senior analyst Vetle Lunde, NBIM added 3,340 BTC exposure in the first half of 2025 alone. These holdings were not acquired through direct purchases of Bitcoin, but rather achieved indirectly by holding stocks of companies heavily invested in Bitcoin.

Lunde pointed out that this indirect increase in holdings reflects the continued rise in the penetration rate of Bitcoin in diversified investment portfolios, whether as a strategic asset or as a side effect of holding equity in related companies.

Core Drivers: Strategy and Mining Companies Lead the Way

The biggest contributor to NBIM's exposure growth is the world's largest enterprise Bitcoin holder, Strategy (formerly MicroStrategy), which alone increased its holdings by 3,005.5 BTC.

Next is the Bitcoin miner Marathon Digital, contributing 216.4 BTC; the payment and blockchain company Block increased by 85.1 BTC.

The largest CEX trading platform in the United States and Japan's Metaplanet have each added 57.2 and 50.8 BTC respectively, entering the top five accumulation rankings.

Other Position Contributors

In addition to the aforementioned giants, several publicly listed companies in the NBIM investment portfolio have also increased their Bitcoin holdings to varying degrees, including GameStop (GME), Tesla, Mercado Libre, Jasmine, Virtu, and WeMade. However, the scale of these companies' increases is all below 35 BTC.

Bitcoin penetration rate continues to increase

Lunde believes that this data shows Bitcoin is gradually becoming a regular allocation target for institutional portfolios. For sovereign wealth funds like NBIM, the presence of BTC may be both a strategic choice based on long-term value storage and due to investments in companies that hold large amounts of BTC.

As more publicly listed companies incorporate Bitcoin into their balance sheets, the indirect holdings of sovereign funds and large institutions are expected to continue to expand.

Conclusion

The Norwegian sovereign wealth fund will nearly double its Bitcoin holdings in the first half of 2025, which not only reflects the confidence of institutions in the long-term value of BTC but also indicates that the penetration of Bitcoin in the global capital markets is rapidly increasing. As more companies and financial institutions adopt similar strategies, Bitcoin may further solidify its position as "digital gold." For more institutional holdings and market dynamics, please follow the official Gate platform.