Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has sharply increased its indirect Bitcoin holdings this year, signaling growing institutional acceptance of crypto. Data from K33 Research’s Vetle Lunde shows NBIM’s exposure surged 192% year-on-year, reaching 7,161 BTC—worth around $844 million—up from 3,821 BTC at the end of 2024. The first half of 2025 alone saw an increase of 3,340 BTC.

The spike stems largely from heavier investments in Bitcoin-heavy companies such as Strategy (formerly MicroStrategy) and Marathon Digital. Strategy accounted for the biggest boost, adding 3,005.5 BTC to NBIM’s indirect holdings, while Marathon contributed 216.4 BTC. Other contributors included Block (85.1 BTC), Coinbase (57.2 BTC), and Japan’s Metaplanet (50.8 BTC), with smaller additions from firms like Tesla, GameStop, and Mercado Libre.

Analysts suggest the trend reflects Bitcoin’s deeper integration into diversified investment portfolios. Exposure often comes as a byproduct of equity stakes in companies holding substantial BTC reserves—making digital assets an increasingly common fixture in institutional strategies.