Golden bitcoin lies amongst coal on an industrial background

Key Takeaways:

Norway’s sovereign wealth fund increased its indirect Bitcoin exposure by 192% year-over-year, reaching about 7,161 BTC via crypto-related equities.
Major holdings include significant stakes in Strategy (up 133%) and Coinbase (up 96%) as of mid-2025.
Sovereign funds globally, including those in the US and Kazakhstan, are adopting indirect crypto exposure through equities, ETFs, and tokenized assets.

Norway’s sovereign wealth fund, the world’s largest state-managed investment vehicle, has sharply increased its indirect Bitcoin exposure by 192% over the past year, according to K33 Research.

As of June 30, 2025, the fund’s equity holdings in crypto-related firms represent exposure to roughly 7,161 BTC.

JUST IN: 🇳🇴 Norway’s pension fund increases its #Bitcoin related exposure. pic.twitter.com/IN7gmaOKla
— Bitcoin Magazine (@BitcoinMagazine) August 12, 2025

Key investments include treasury company Strategy, Japanese firm Metaplanet, and crypto exchange Coinbase.

The fund boosted its stake in Strategy to over 11.9 billion Norwegian krone ($1.2 billion), a 133% rise from 2024, and increased its Coinbase position by more than 96%.

This expansion reflects a broader trend among sovereign wealth funds seeking cryptocurrency exposure through traditional financial instruments rather than holding BTC directly, due to regulatory and asset-class restrictions.

These vehicles often include ETFs, corporate bonds, and shares of Bitcoin proxy companies.

Similar moves have been seen globally: the State of Wisconsin Investment Board recently adjusted a sizable BTC ETF position, while Kazakhstan’s sovereign wealth fund announced plans to convert part of its assets into crypto and explore tokenizing gold and foreign currency reserves.

Collectively, these steps signal growing sovereign interest in integrating digital assets via indirect, regulation-compliant channels.