Norway’s Wealth Fund Hits Record BTC Exposure
Norway's wealth fund now holds 7,161 BTC indirectly, hitting a new all-time high of $862.8M in exposure.
- Norway’s Bitcoin exposure reaches 7,161 BTC, worth $862.8M
- Exposure rose 87.7% in six months, 192.7% year-over-year
- Indirect holdings via Coinbase, Block, MARA, and others
Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund, now has an indirect exposure to 7,161 BTC, valued at approximately $862.8 million as of June 30, 2025. This data, provided by K33 Research, reflects a remarkable surge in exposure to Bitcoin — up 87.7% over the last six months and an astonishing 192.7% year-over-year.
This exposure marks a new all-time high, underlining how institutional investors — even conservative national funds — are increasingly finding ways to gain Bitcoin exposure. Norway’s method is indirect, achieved by holding shares in crypto-related companies with significant Bitcoin reserves.
Holdings in Crypto-Linked Firms
Norway’s sovereign wealth fund doesn’t directly purchase or store Bitcoin. Instead, its exposure comes from strategic investments in companies deeply embedded in the crypto ecosystem. The top five contributors include:
- MicroStrategy (Strategy): A massive corporate holder of BTC
- Block Inc.: Jack Dorsey’s company with ongoing Bitcoin development
- Coinbase: The largest U.S.-based crypto exchange
- Marathon Digital (MARA): A major Bitcoin mining firm
- Metaplanet: A firm increasingly known for its Bitcoin-forward treasury
These holdings reflect confidence in both the future of Bitcoin and the broader digital asset space. Notably, the wealth fund’s portfolio has benefited from the bullish performance of these firms amid growing global crypto adoption.
Institutional Confidence in Bitcoin Rising
The sharp rise in Norway’s Bitcoin exposure over the past year signals a strong institutional appetite for the asset, even amid regulatory uncertainty and market volatility. By indirectly investing, Norway balances the volatility of crypto with the structure of equity markets.
As other nations observe this strategy, it could set a precedent for sovereign adoption without the risks of direct BTC custody. In essence, Norway is paving a calculated path into the future of finance — and Bitcoin is clearly part of that roadmap.
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