Norway’s sovereign wealth fund, managed by Norges Bank Investment Management (NBIM), has increased its indirect holdings of Bitcoin to 7,161 BTC, valued at approximately $862.8 million as of June 30, according to new analysis from K33.

This represents an 87.7% rise in the last six months and a 192.7% increase over the past year. The gains stem largely from the fund’s positions in companies with significant Bitcoin treasuries, including Strategy, Block, Coinbase, Marathon Digital Holdings (MARA), and Metaplanet.

K33 Head of Research Vetle Lunde explained that the calculation is based on NBIM’s shareholdings in these firms, multiplied by the amount of Bitcoin they hold.

While Lunde noted the exposure is likely an outcome of NBIM’s broad, diversified investment strategy rather than a t

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