NBIM holds 7,161 BTC equivalent through listed shares. Institutional interest in Bitcoin grows through ETFs and corporate holdings. This move may represent an early stage in sovereign-supported adoption of Bitcoin.
The world’s largest Norwegian sovereign wealth fund has taken a major step into the cryptocurrency market, increasing its Bitcoin (BTC) exposure by 192% in the second quarter of 2025.
Norges Bank Investment Management (NBIM), which manages the country’s $1.6 trillion oil-funded portfolio, has expanded its holdings from 2,446 BTC, a comparable to 7,161 BTC since the June quarter of 2024.
The move highlights wider changes among institutional investors using publicly available stocks and ETFs to gain exposure to the cryptocurrency market without directly retaining digital assets.
Bitcoin exposure rises through stocks and ETFs
NBIM’s biggest Bitcoin exposure comes through an interest in MicroStrategy (MSTR), the largest corporate holder of cryptocurrency. The fund has also launched a smaller position, equivalent to 200 BTC of Japan-based Metaplanet.
These holdings are reflected in the Fund’s second quarter 2025 13F filing, tracking institutional investments in listed US companies.
The data compiled by analysts highlight the rise in NBIM’s allocation to Bitcoin Link stocks during a period of growing global interest in asset classes.
Sovereign wealth funds are usually known for their conservative, long-term investment strategies, and this level of exposure is worth noting.
Institutional participation will be strengthened
The NBIM move comes amid an increase in institutional adoption of Bitcoin, driven in part by a strong inflow into Bitcoin ETFs and an increase in corporate profits.
These products make it easier for large investors to gain exposure without having to manage custody of their digital assets.
Industry analysts are noting that sovereign wealth funds and large pension managers are beginning to explore Bitcoin as part of a diverse long-term portfolio.
Although NBIM has not publicly commented on its decision, the timing coincides with a steady rise in Bitcoin prices over the past quarter, supported by favorable macroeconomic conditions and increased demand.
Strategic hedging possibilities
For NBIM, Bitcoin allocation remains a small portion of total assets, but could serve as a hedge against currency collapse and geopolitical risks.
This positioning reflects the growing awareness among large investors that Bitcoin can play a role in diversifying risk-adjusted portfolios.
The increase also follows a global trend in which state-backed investment instruments are carefully tested for exposure in emerging asset classes, particularly those seen as potentially valuable storage.
If this allocation pattern continues, sovereign fund participation could have a meaningful impact on Bitcoin’s market liquidity and institutional legitimacy.
Wideer impact on sovereign-backed Bitcoin adoption
The development of NBIM could mark an early stage in adoption of Bitcoin, supported by broader sovereignty.
Although current exposure is small compared to fund size, the size of the capital of a sovereign wealth fund means that even progressive movements can affect market dynamics.
Institutional activity in Bitcoin-related assets could increase even more as other funds monitor NBIM’s strategy.
In cryptocurrency markets, these flows represent investor-based structural changes, moving beyond retail speculation from the world’s largest pool of wealth to long-term strategic capital.
