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The Norway sovereign wealth fund increased its BTC holdings to 9,573 BTC in 2025, representing a 149% surge in overall exposure. Data from research firm K33 shows that the company does not have any direct Bitcoin holdings but does hold significant shares in crypto companies such as Coinbase and Strategy.
The Norway sovereign wealth fund saw its indirect Bitcoin exposure rise to 9,573 BTC, representing a 149% rise in 2025, according to data from research firm K33. The fund’s total indirect BTC exposure at the end of 2024 stood at 3,839 BTC, implying the firm increased its BTC exposure by 5,734 BTC over the year.
K33 Research says NBIM’s indirect BTC exposure sits at an $837M valuation
Once again, back on duty to cover the indirect BTC ownership of the world's largest sovereign wealth fund, Norway's Oil Fund.
While BTC price action has been horrendous for a while, NBIM's indirect BTC exposure marches higher. It grew by 149% in 2025 to 9,573 BTC. pic.twitter.com/zOIeQYqDx3
— Vetle Lunde (@VetleLunde) January 30, 2026
The K33 data shows that the wealth fund does not hold Bitcoin on its books. Instead, it owns a significant stake in crypto companies such as Coinbase, Strategy, Block, Metaplanet, and MARA. K33’s Head of Research, Vetle Lunde, reported that “NBIM held 8.5 billion NOK in indirect BTC exposure by EOY 2025, or $837 million USD” despite Bitcoin’s recent decline.
Norway’s central bank controls the investment activities of the country’s sovereign wealth fund, the Government Pension Fund Global. The management services are provided by the central bank’s subsidiary, Norges Bank Investment Management (NBIM), which Cryptopolitan reported operates as a separate unit within the central bank under the direction of the Norwegian Ministry of Finance. The fund is one of the world’s most significant sovereign wealth funds, with over $2 trillion in assets under management, primarily invested in bonds, global equities, and real estate.
Lunde noted that the actual weighting of NBIM’s indirect Bitcoin exposure remains unchanged from H1 2025, with slightly less than 0.04% of the fund’s assets tied to BTC-linked holdings across the past two reporting periods. He highlighted that the exposure indicates a “deliberate weighting.” Lunde noted that K33 research did not find any company holdings by the fund whose digital crypto treasury has other digital currencies.
“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. While short-term price action sucks, the growth trend highlights the strong underlying institutional adoption of BTC.”
–Vetle Lunde, Head of Research at K33.
Lunde’s previous NBIM indirect Bitcoin exposure update came in August 2025, when the researcher revealed that the fund’s exposure had reached an all-time high of 7,161 BTC. A Cryptopolitan coverage reported that the wealth fund had increased its Bitcoin exposure by 87.7% in just six months. The coverage highlighted that NBIM’s BTC exposure had surged significantly in the preceding 5 years as treasury companies like Strategy doubled down on Bitcoin holdings. Strategy is the world’s largest corporate holder of BTC, with over 712,647 Bitcoin worth $58.96 billion at the time of this publication.
Norway’s sovereign wealth fund supports MetaPlanet’s management proposals
On December 17, 2025, the Norwegian wealth fund announced that it will support five of Metaplanet’s proposals during its special meeting on December 22. Cryptopolitan reported that the public announcement from the $2 trillion fund sent Metaplanet’s stock rallying. Metaplanet’s director for Bitcoin Strategy, Dylan LeClair, said that the wealth fund was confident in Metaplanet’s strategy of accumulating Bitcoin.
The report also highlighted that the fund backed the firm’s proposal to amend Articles to increase Authorized Capital for Class A and B Shares. The BTC treasury firm already surpassed its target of accumulating 21,000 Bitcoin by 2026 and now holds 35,102 Bitcoin worth approximately 2.92 billion at current BTC prices, according to data from Bitcoin Treasuries. The Japanese company is the fourth-largest corporate BTC holder after Strategy, MARA Holdings, and Twenty One Capital.
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