Norway has significantly increased its indirect investments in Bitcoin over the past year, attracting attention from the financial world.
Norway's Indirect Bitcoin Investments
According to K33 Research analysts, Norges Bank Investment Management (NBIM) has increased its indirect Bitcoin holdings by 192% over the past year, amounting to approximately 7,161 BTC worth about $844 million.
Main Drivers of Growth
The growth comes from equity stakes in major Bitcoin-heavy companies rather than direct purchases of the cryptocurrency. Most of the increase occurred in the first half of 2025, when NBIM's exposure rose by 3,340 BTC. The largest contributor was its position in Strategy (formerly MicroStrategy), the world's largest corporate Bitcoin holder, which added 3,005.5 BTC to NBIM's indirect total. Other notable boosts arose from Bitcoin miner Marathon Digital (+216.4 BTC), fintech firm Block (+85.1 BTC), Coinbase (+57.2 BTC), and Japan's Metaplanet (+50.8 BTC).
Market Trends
Analyst Lunde noted that this trend indicates how Bitcoin is finding its way into traditional investment portfolios through equity exposure, sometimes deliberately and sometimes as a side effect of investing in Bitcoin-focused companies.
Thus, Norway continues to play an active role in the Bitcoin market through its investments in companies, indicating a growing interest in cryptocurrencies within traditional financial instruments.
