Norway’s Sovereign Wealth Fund Holds 7,161 BTC Indirectly via Strategy and Other Crypto Firms (2025 Update)
- How Did Norway’s Sovereign Fund Accumulate 7,161 BTC Equivalent?
- The Bitcoin Backdoor: How Traditional Funds Play the Crypto Game
- Why This 192% Growth Matters Beyond Norway
- FAQ: Your Questions About Norway’s Bitcoin Bet Answered
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, has quietly amassed indirect exposure to bitcoin worth 7,161 BTC as of August 2025—a staggering 192% increase from June 2024. Through investments in companies like Strategy, Coinbase, and MARA, the $1.5 trillion fund is riding the crypto wave without directly touching digital assets. Here’s how they’re doing it, why it matters, and what this tells us about institutional adoption.
How Did Norway’s Sovereign Fund Accumulate 7,161 BTC Equivalent?
The Norwegian Central Bank’s investment arm, Norges Bank Investment Management (NBIM), revealed in its August 12, 2025 report that its equity holdings in Bitcoin-related companies now represent 7,161 BTC—up from just 2,446 BTC a year prior. Vetle Lunde, an analyst at Arcane Research, crunched the numbers showing this triple-digit growth stems from:
- Strategy’s aggressive BTC treasury (holding 115,000+ BTC after August 11 purchases)
- Shares in Coinbase (COIN) and Bitcoin miner MARA
- Stakes in Jack Dorsey’s Block and Japan’s Metaplanet
Funny enough, most Norwegians probably don’t realize their pension money is now tied to crypto volatility. Talk about silent adoption!
The Bitcoin Backdoor: How Traditional Funds Play the Crypto Game
Rather than buying BTC directly (which remains controversial for conservative funds), NBIM took the institutional path of least resistance:
| Company | BTC Exposure | Role |
|---|---|---|
| Strategy | ~5,200 BTC equivalent | Corporate treasury strategy |
| Coinbase | ~1,100 BTC equivalent | Exchange/custody services |
| MARA | ~600 BTC equivalent | Bitcoin mining operations |
Source: NBIM filings, CoinMarketCap data
As Strategy’s Michael Saylor WOULD say: "You either buy Bitcoin, or you buy companies that buy Bitcoin." Norway chose door #2.
Why This 192% Growth Matters Beyond Norway
This isn’t just about one fund—it’s a blueprint for institutional adoption:
- The "indirect exposure" workaround lets conservative investors bypass regulatory headaches while still riding BTC’s upside.
- Corporate treasuries as proxies (like Strategy’s) are becoming liquid BTC investment vehicles.
- Data shows spillover effects—when giants like NBIM move, smaller funds follow suit.
Just check TradingView charts: Since June 2024, stocks of Bitcoin-adjacent companies have outperformed traditional tech by 3:1. Coincidence? Unlikely.
FAQ: Your Questions About Norway’s Bitcoin Bet Answered
How much Bitcoin does Norway’s fund actually own?
Zero directly—all 7,161 BTC exposure comes via equity holdings in crypto-related companies as of August 2025.
Which company gives them the most BTC exposure?
Strategy accounts for ~73% of their indirect BTC through its massive corporate treasury holdings.
Could they buy real Bitcoin someday?
Possible but unlikely soon. NBIM’s mandate prioritizes low-risk assets, making direct crypto purchases a political hot potato.
