Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), has significantly expanded its indirect Bitcoin holdings, according to K33 Research analyst Vetle Lunde. NBIM’s holdings increased by 192% over the past year, reaching approximately $844 million in value based on 7,161 BTC. This growth was driven primarily by stakes in major Bitcoin-related companies rather than direct cryptocurrency purchases. The majority of the increase occurred in the first half of 2025, with NBIM’s exposure expanding by a staggering 3,340 BTC. Notably, its largest holdings were in Strategy (formerly MicroStrategy), the world’s largest corporate Bitcoin holder, which added 3,005.5 BTC to NBIM’s total.