Norway’s sovereign wealth fund accumulated 3340 BTC in the first half of the year

In the first half of 2025, NBIM gained indirect access to 7161 BTC

Norway’s sovereign wealth fund increased its Bitcoin holdings by 192% over the year

12.08.2025 - 15:15

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3 min

What’s new? Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has significantly increased its indirect investments in bitcoin this year. According to K33 Research senior analyst Vetle Lunde, they grew by 192% to 7161 BTC worth $844 million, compared to 3821 BTC at the end of 2024. Thus, NBIM’s holdings increased by 3340 BTC in the first half of 2025 alone.

Source: X.com

What else is known? Lunde explained this growth by NBIM’s increased positions in companies that accumulate Bitcoin as their main reserve asset, such as Michael Saylor’s analytics software provider Strategy (MSTR) and the world’s largest miner Marathon (MARA). Both companies lead in terms of Bitcoin investment among public companies, with balances of 628 946 BTC and 50 639 BTC, respectively.

The analyst added that bitcoin companies have been actively increasing their balances this year. According to investment firm Bitwise, corporate Bitcoin holdings reached 847 000 BTC in the second quarter alone, or about 4% of the total Bitcoin supply, which is programmatically limited to 21 million coins.

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Strategy made the largest contribution, adding 3005,5 BTC to NBIM’s indirect investment in the first cryptocurrency. Marathon contributed 216,4 BTC, and Block contributed 85,1 BTC. The largest US centralized crypto exchange (CEX) Coinbase and Japanese treasury company Metaplanet rounded out the top five with 57,2 BTC and 50,8 BTC, respectively.

Other companies, including GameStop, Tesla, Mercado Libre, Jasmine, Virtu, and WeMade, contributed smaller amounts, less than 35 BTC each.

According to Lunde, the trend reflects the fact that bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a by-product of investments in companies with large amounts of Bitcoin on their balance sheets.

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