Research Data

NBIM Indirect BTC Exposure

Tracking the world's largest sovereign wealth fund's indirect Bitcoin exposure through public company holdings.

Data as of EOY 2025 | Updated from NBIM public disclosures

Total Indirect BTC
9,573 BTC
Equivalent to ~0.04% of NBIM's AUM
↑ 149% YoY
NOK Value
8.5bn NOK
~$837m USD equivalent
Per Capita Exposure
1,507 NOK
~$149 USD per Norwegian citizen
Strategy (MSTR) Share
81%
Dominant contributor to exposure

Historical Trends

NBIM's indirect BTC exposure has surged with back-to-back years of 150%+ growth.

Indirect BTC Exposure Over Time

NOK Equivalent Value

Top Contributors to BTC Exposure

Public companies that contribute most to NBIM's indirect Bitcoin holdings.

By BTC Amount (EOY 2025)

1
Strategy
MSTR
7,801 BTC
81.5%
2
Marathon Digital
MARA
618 BTC
6.5%
3
Metaplanet
3350.T
593 BTC
6.2%
4
Coinbase
COIN
156 BTC
1.6%
5
Block Inc.
SQ
105 BTC
1.1%

Exposure Distribution

Indirect BTC as % of NBIM Portfolio

BTC Exposure Per Capita (NOK)

Why We Track This

Our motivation for monitoring NBIM's indirect BTC exposure is to highlight how Bitcoin is advancing into mainstream finance, leading any well-diversified portfolio to obtain some exposure—deliberately or not. While short-term price action can be volatile, the growth trend underscores strong underlying institutional adoption of BTC.

It's important to note that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio. Still, it represents one of the clearest examples of Bitcoin's advance into mainstream finance. Any broadly diversified investor likely now holds modest BTC exposure through proxies, and with the accelerating BTC treasury trend, this phenomenon will only continue to materialize.

Complete Company Holdings Data

NBIM's indirect BTC exposure by company (measured in BTC)

Company 2020 2021 2022 2023 H1 2024 2024 EOY H1 2025 2025 EOY
Strategy (MSTR) 768.1 1,144.4 0.0 1,267.3 2,014.3 3,214.1 6,219.6 7,801.0
Marathon Digital (MARA) 0.0 49.6 81.1 0.0 152.0 315.2 531.6 617.7
Metaplanet 9.7 60.5 593.2
Coinbase (COIN) 0.0 0.6 34.3 46.5 78.7 80.6 137.8 155.7
Block Inc. (SQ) 27.8 35.3 75.5 87.5 102.9 97.8 87.8 105.4
Tesla (TSLA) 0.0 282.9 84.6 95.3 92.3 106.9 110.8 104.0
Bullish 75.3
Galaxy Digital 63.3
GameStop (GME) 33.0 41.9
Nexon 0.0 9.3 9.1 6.9 3.8 7.6 5.7 10.1
MercadoLibre 0.0 3.2 1.5 3.7 2.1 2.5 4.2 5.6
Data sourced from NBIM public equity holdings disclosures. BTC amounts calculated based on NBIM's % ownership multiplied by each company's reported BTC holdings.

Aggregated Metrics

Metric 2020 2021 2022 2023 H1 2024 2024 EOY H1 2025 2025 EOY
Total Indirect BTC 796 1,549 286 1,507 2,446 3,839 7,194 9,573
NOK Value (millions) 198 631 47 648 1,638 4,081 7,769 8,449
USD Value (millions) 23 72 5 64 153 358 771 838
NOK per Capita 37 117 9 118 297 735 1,394 1,507
% of Portfolio 0.002% 0.005% 0.0004% 0.004% 0.009% 0.021% 0.040% 0.040%