Norway’s $1.4T Wealth Fund Goes Full Crypto Bull—Bitcoin Holdings Surge 192% in 2025

Oslo’s oil money cannon just took aim at Bitcoin—and fired. The world’s largest sovereign wealth fund now holds nearly triple its previous BTC exposure, defying institutional crypto skeptics.

Breaking the ice (and portfolios)

While pension funds still debate ‘digital gold,’ Norway’s $1.4 trillion behemoth quietly stacked sats like a degenerate on payday. The move signals growing institutional FOMO—even if the finance suits will blame ‘portfolio diversification’ at their next yacht party.

Betting against BlackRock’s favorite commodity

This isn’t your hedge fund manager’s speculative play. The Norwegian fund operates under strict parliamentary oversight, making its 192% Bitcoin allocation more shocking than a Celsius withdrawal in 2022.

Watch the dominoes fall

When the planet’s most conservative money starts chasing volatility, even Swiss bankers might check their cold wallets. One thing’s certain—the ‘too risky’ narrative just got its teeth kicked in. Again.

Lunde attributed the surge to heavier positions in Core treasury vehicles such as Strategy (formerly MicroStrategy) and Marathon Digital, combined with strong overall Bitcoin accumulation among major treasury holders.

Breaking down the contributors, Strategy, the largest corporate Bitcoin holder, accounted for the largest portion of the growth, adding 3,005.5 BTC to NBIM’s indirect exposure.

Bitcoin miner Marathon Digital contributed 216.4 BTC, while Block added 85.1 BTC. Coinbase, the largest US-based exchange, and Japan-based Metaplanet rounded out the top five with 57.2 BTC and 50.8 BTC, respectively.

Other companies, including GameStop (GME), Tesla, Mercado Libre, Jasmine, Virtu, and WeMade, added smaller amounts, each under 35 BTC.

In Lunde’s view, the trend highlights how Bitcoin is increasingly appearing in diversified portfolios, whether intentionally or as a byproduct of equity investments in BTC-heavy companies.