Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, increased its indirect bitcoin exposure by 83% in Q2 2025, through equity stakes in companies with substantial bitcoin holdings.
This marks a significant trend of institutional interest, suggesting heightened integration of bitcoin into traditional financial portfolios, potentially influencing market dynamics and investor perceptions.
Norway’s sovereign fund grows its bitcoin exposure by 83% through equity investments in Q2 2025.
Norway’s sovereign wealth fund, Norges Bank Investment Management, increased bitcoin exposure by 83% in Q2 2025. The growth primarily came from enhanced equity positions in companies holding bitcoin.
Norges Bank’s Bitcoin Exposure Jumps 83% in Q2 2025
Norges Bank increased holdings in MicroStrategy and Metaplanet. The fund’s indirect bitcoin exposure was through these companies’ shares. The fund manages the world’s largest sovereign wealth assets.
Indirect Holdings Boost Bitcoin Market Influence
This move affects bitcoin by leveraging public equity holdings. Norges Bank does not hold bitcoin directly or through ETFs but gains exposure indirectly.
The decision aligns with a trend among sovereign funds seeking diversified portfolios. Analyst Vetle Lunde noted the rise of bitcoin exposure via equities in diversified investment strategies.
“The trend highlights how Bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a byproduct of equity investments in BTC-heavy companies.” — Vetle Lunde, Senior Analyst, K33 Research
Analysis: Sovereign Funds Favor Equity Exposure
Similar actions have been observed since 2021, with indirect bitcoin exposure through equities. This method bypasses direct purchase restrictions faced by some funds.
Standard Chartered’s Geoffrey Kendrick commented on sovereign institutions expanding bitcoin holdings via equities rather than spot ETFs, reflecting a shift in institutional investment patterns.
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