Overview

• NBIM’s indirect Bitcoin holdings reached 7,161 BTC in the second quarter of 2025, marking a 192% year-on-year increase.
• Corporate treasury channels drove the accumulation with MicroStrategy contributing about 3,005.5 BTC and Marathon Digital adding 216.4 BTC.
• Smaller equity positions in Block, Coinbase, Metaplanet and GameStop account for the remainder of the fund’s indirect Bitcoin exposure.
• At June 30 prices, the indirect position is estimated at roughly $844 million without any direct cryptocurrency purchases.
• The fund’s equity-based approach contrasts with Abu Dhabi’s Mubadala, which opted for a direct investment in BlackRock’s spot Bitcoin ETF.