Norway's $1.9 Trillion Fund Quietly Builds Massive Bitcoin Position - Brave New Coin

The Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), reached 7,161 Bitcoin by June 2025. This represents a huge increase from 3,821 Bitcoin at the end of 2024.

How Norway Built Its Bitcoin Stack

The fund’s Bitcoin exposure comes from owning shares in companies that hold large amounts of the cryptocurrency. The biggest contributor is Strategy, formerly known as MicroStrategy, which holds more Bitcoin than any other public company.

NBIM increased its Strategy holdings to $1.18 billion by June 2025, up from $514 million six months earlier. The fund now owns 1.05% of Strategy’s total shares. This single investment accounts for most of Norway’s indirect Bitcoin exposure.

Other companies in the fund’s portfolio also contribute to its Bitcoin holdings:

• Marathon Digital: 216.4 Bitcoin
• Block: 85.1 Bitcoin
• Coinbase: 57.2 Bitcoin
• Metaplanet: 50.8 Bitcoin

The fund increased its Coinbase holdings by 96% since 2024. When calculated per Norwegian citizen, each person indirectly owns about $138 worth of Bitcoin through their national fund.

Not a Deliberate Bitcoin Strategy

Norway didn’t set out to become a major Bitcoin holder. The exposure happened naturally as the fund follows broad market indexes. When Bitcoin-holding companies grow in value, they make up a larger part of the fund’s portfolio.

“This exposure likely derives from rule-based sector weighting rather than a deliberate choice,” said Vetle Lunde from K33 Research. The fund operates under strict rules that limit it to traditional investments like stocks, bonds, and real estate.

Many sovereign wealth funds face similar restrictions. They cannot buy Bitcoin directly, so they gain exposure through investment vehicles like exchange-traded funds or company stocks.

Global Trend Among Large Funds

Norway joins other major investment funds building Bitcoin exposure. Abu Dhabi’s sovereign wealth fund invested $437 million in BlackRock’s Bitcoin ETF. The State of Wisconsin’s pension fund held $321 million in Bitcoin ETFs before reducing its position.

Even Kazakhstan announced plans to convert some of its wealth fund assets to cryptocurrency. These moves show how Bitcoin is entering traditional finance through the back door.

The corporate world is also embracing Bitcoin as a treasury asset. Companies from Turkey to Japan announced new Bitcoin buying programs this year. This trend helps explain why funds like Norway’s are gaining Bitcoin exposure without trying.

Regulatory Challenges Ahead

Norway’s increased Bitcoin exposure comes with potential complications. The fund plans to review companies involved in cryptocurrency for money laundering risks in 2025. This could lead to selling stakes in firms that fail ethical guidelines.

The fund already excludes 189 companies for various ethical reasons. If Bitcoin-holding companies face similar scrutiny, it could affect Norway’s cryptocurrency exposure going forward.

Market volatility also poses risks. The fund lost $40 billion in the first quarter of 2025 when tech stocks fell. Since many Bitcoin-holding companies are tech-focused, they could amplify losses during market downturns.

Market Impact and Future Outlook

Bitcoin’s price climbed to over $123,000 in July 2025, helping boost the value of Norway’s holdings. However, much of Bitcoin’s dollar gains came from a weaker U.S. dollar rather than pure Bitcoin strength.

The trend of sovereign wealth funds gaining Bitcoin exposure through company stocks will likely continue. As more corporations add Bitcoin to their balance sheets, diversified funds automatically gain cryptocurrency exposure.

Norway’s situation demonstrates how Bitcoin is entering mainstream finance whether institutions plan it or not. The fund’s $844 million Bitcoin position shows the cryptocurrency’s growing role in global portfolios.

What This Means for Bitcoin

Norway’s massive indirect Bitcoin holdings represent a milestone for cryptocurrency adoption. The fund manages money from Norway’s oil revenues, making it one of the world’s most conservative investment vehicles.

The fact that such a traditional fund now holds significant Bitcoin exposure shows how far the cryptocurrency has come. It validates Bitcoin’s role as a legitimate asset class that can fit into diversified portfolios.