Catenaa, Wednesday, February 04, 2026-Norway’s sovereign wealth fund sharply increased its indirect exposure to bitcoin in 2025, with holdings tied to the cryptocurrency rising 149% to an estimated 9,573 bitcoin, according to analysis by crypto research firm K33.
The Government Pension Fund Global, managed by Norges Bank Investment Management, does not directly own bitcoin. Its exposure comes through equity stakes in companies that hold large bitcoin reserves, including Strategy, MARA, Metaplanet, Coinbase and Block.
K33 said the fund’s indirect bitcoin exposure was valued at about 8.5 billion Norwegian kroner, or roughly $837 million, by the end of 2025.
Despite the sharp increase in bitcoin-linked holdings, the exposure represented just under 0.04% of the fund’s total assets, a proportion that has remained steady since the first half of 2025.
Strategy accounted for the bulk of the exposure, contributing about 7,801 bitcoin, or 81% of the total, through the fund’s equity position.
The largest ownership stake held by the fund in a single bitcoin treasury company was in Japan based Metaplanet, where its shares translated into roughly 593 bitcoin in indirect exposure.
Additional exposure came from holdings in MARA, Coinbase and Block, which together added more than 800 bitcoin tied to corporate treasuries.
K33 noted that the fund’s crypto related exposure appears largely limited to bitcoin, with no meaningful positions linked to companies focused on other digital assets.
Analysts said the growth reflects bitcoin’s expanding presence in diversified institutional portfolios rather than a deliberate allocation decision by the fund.
The increase comes amid volatile bitcoin price action, underscoring how digital assets continue to enter mainstream finance through traditional equity investments.
