Norway's Wealth Fund Boosts Indirect Bitcoin Holdings

Lede

Norway’s sovereign wealth fund boosted its indirect Bitcoin exposure significantly in Q2 2025. This increase was achieved through equities in BTC-heavy firms like Metaplanet and MicroStrategy, with Metaplanet reporting substantial stock gains.

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NBIM, managing the $1.9 trillion Government Pension Fund Global, did not directly approve Metaplanet’s full Bitcoin treasury strategy. It instead boosted indirect holdings through stakes in firms holding large Bitcoin reserves.

Indirect Bitcoin Holdings

The fund’s indirect Bitcoin holdings reached an all-time high of 7,161 BTC. This move reflects NBIM’s preference for indirect exposure over direct cryptocurrency investments, aligning with its strategy of investing via corporate equities.

According to Vetle Lunde, Head of Research at K33 Research, expert insights confirm increased Bitcoin weights in core treasury vehicles, with Metaplanet contributing significantly to this growth. Lunde noted:

NBIM’s indirect BTC exposure has hit new ATHs [all-time highs] of 7,161 BTC.

Investor Confidence

Investor confidence surged amidst Norway’s growing indirect Bitcoin stakes. This aligns with a broader trend among global sovereign funds seeking cautious crypto exposure.

Status quo remains for NBIM regarding direct crypto investments. Historical trends show an enduring preference for equity-based exposure. Norway’s strategy is perceived as a balanced approach amid evolving crypto regulations and technological advancements. The proactive position taken by some sovereign wealth funds suggests a growing acceptance of Bitcoin in traditional finance.