Vetle Lunde of K33 attributes growth to corporate BTC treasury strategies.
Norway’s sovereign wealth fund’s indirect Bitcoin exposure increased by 149% to 9,573 coins by 2025, involving investments in firms like MicroStrategy and Coinbase, according to Vetle Lunde of K33.
This surge highlights growing corporate Bitcoin treasury activities, impacting Norway’s global asset diversification.
Norway’s sovereign wealth fund has expanded its indirect Bitcoin holdings by 149%, reaching 9,573 coins by 2025, according to a statement from Vetle Lunde, Head of Research at K33. This growth is achieved through investments in key companies, including Strategy, MARA, Coinbase, and Block.
The fund’s indirect exposure reflects growing confidence in Bitcoin’s value. With corporate treasury strategies heavily relying on BTC, firms like MicroStrategy and Block amplify the fund’s stakes. The national fund, however, still refrains from direct acquisitions of Bitcoin.
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“The growth likely originates from pre-determined algo-based sector weighting and risk diversification. It’s unlikely to stem from an intentional choice to amass exposure.” — Vetle Lunde, Head of Research, K33
Did you know? Norway’s indirect Bitcoin exposure through corporate investments positions it among the top European stakeholders in the digital currency space, highlighting strategic reliance on corporate BTC treasuries without direct ownership.
According to CoinMarketCap, Bitcoin (BTC) hovered around $83,940.37 on January 30, 2026, with its market cap at approximately 1.68 trillion and commanding 59.20% market dominance. A trading volume of $72.91 billion marked a 14.47% fluctuation. BTC’s price saw notable declines, particularly over 90 days with a 23.70% decrease.
Coincu’s research team observes increased global interest in indirect Bitcoin investments as regulatory clarity improves. The reliance on corporate treasuries offers diverse digital asset engagement opportunities, ensuring broader market safety and enhanced liquidity provisions.
