Norway’s sovereign wealth fund has increased its indirect investments in the leading cryptocurrency to a record 7,161 BTC. According to K33, as of June 30, the value of these “digital reserves” stood at $862.8 million.
NBIM’s indirect BTC exposure has hit new ATHs of 7,161 BTC.
This is my favorite chart to update whenever the world’s largest sovereign wealth fund discloses holdings. It efficiently shows that BTC is finding its way into any well-diversified portfolio, deliberate or not. pic.twitter.com/oLLtTMwhux
— Vetle Lunde (@VetleLunde) August 12, 2025
Analysts have calculated that over the past six months, the fund’s indirect investments in Bitcoin have grown by 87.7%, and over the year, by 192.7%.
The fund does not purchase cryptocurrency directly. Its investments are a result of holding shares in public companies that keep the asset on their balance sheets. These include Strategy, Block, Coinbase, MARA, and Metaplanet.
Head of Research at K33, Vetle Lunde, believes this was not a deliberate decision by the fund. Rather, it is the result of its broad diversification strategy.
“This case is one of the best examples of Bitcoin’s penetration into traditional finance. It shows that the digital asset finds its way into any well-diversified portfolio,” Lunde stated.
The main contribution to the growth came from investments in Strategy. Norway’s fund increased its stake in the company from 0.72% to 1.05%. During the same period, the firm itself actively purchased bitcoins.
Per capita, the indirect investments in the leading cryptocurrency amount to approximately 1,387 Norwegian kroner (about $138).
Norway’s fund is one of the largest sovereign structures in the world, with assets under management amounting to around $1.5 trillion.
On August 7, U.S. President Donald Trump signed an executive order on pension savings.