Norway's sovereign wealth fund, one of the world's largest, has significantly increased its indirect BTC holdings, reaching an all-time high. According to Betle Lunde, the head of K33 Research, on the 12th (local time), the fund managed by the Norwegian Central Bank Investment Management (NBIM), with a scale of $1.9 trillion, is indirectly investing in Bitcoin equivalent to 7,161 BTC as of the second quarter of this year. This is a 192% increase compared to 2,446 BTC in the same period last year.
NBIM's expansion of holdings was achieved through equity investments in large Bitcoin-holding companies, rather than directly purchasing Bitcoin. Major investment targets included key players in the Bitcoin market such as MicroStrategy (MSTR), Marathon Holdings (MARA), and also included stakes in Block, Coinbase, and Metaplanet from Japan.
Lunde analyzed that "the increase in NBIM's Bitcoin holdings shows that Bitcoin is naturally being incorporated into global asset portfolios, whether intentionally or not."
This strategy differs from other sovereign wealth funds. For example, Mubadala Investment in Abu Dhabi chose to directly invest in BlackRock's physical Bitcoin ETF, while NBIM selected to expand indirect exposure through related companies instead of directly holding cryptocurrencies. This approach is interpreted as an attempt to reduce regulatory risks while securing long-term profit potential.
