The indirect investments of the Norwegian Global Government Pension Fund in Bitcoin have reached a record amount, establishing a new historical high. According to the analytical company K33, as of June 30, 2025, the fund’s total exposure to Bitcoin amounted to 7161 BTC. This is an increase of 87.7% compared to six months ago and nearly three times the figures from last year.
This is reported by Finway
Role of Strategy Company and Fund Portfolio Structure
A key contribution to the increase in investments was made by Strategy (formerly known as MicroStrategy), in which the fund owns 1.05% of shares worth $1.18 billion. The active purchases of Bitcoin by this company increased the fund’s stake by 3340 BTC in just six months. In addition, the Norwegian pension fund holds significant shares in other companies that accumulate Bitcoins, including Block, Coinbase, MARA, and Metaplanet.
According to Vetle Lunde, head of the research department at K33, such indirect investments are driven by the fund’s diversified strategy rather than a targeted bet on digital assets.
“The fund invests as diversely as possible, and Bitcoin ends up in its portfolio indirectly, through companies with crypto assets,” he noted.
Impact on Citizens and Market Trends
K33’s calculations indicate that each resident of Norway has about $138 in indirect Bitcoin ownership through the pension fund’s assets. Analysts also point out that such exposure has already become typical for index investors worldwide, and with the further expansion of the practice of holding Bitcoins on the balance sheets of large corporations, this trend will only grow.
The Norwegian Global Government Pension Fund is managed by Norges Bank Investment Management under the supervision of the country’s Ministry of Finance. It retains the status of the largest pension fund in the world, with assets exceeding $1.5 trillion, investing in stocks, bonds, and real estate.
As a reminder, Bitcoin recently updated its historical maximum, surpassing the $124,000 mark.