Norway sovereign wealth fund sees indirect bitcoin exposure hit all-time high, with Strategy accounting for 86%: K33

Quick Take

• Norway's sovereign wealth fund saw its indirect bitcoin exposure rise to a record 11,549 BTC in H1, according to K33 Head of Research Vetle Lunde.
• Norges Bank Investment Management's Strategy holdings are currently worth around $622 million, and it has also held shares in Metaplanet, MARA, Coinbase, Block, and Tesla.

Following its latest biannual disclosures, the Norway sovereign wealth fund's indirect bitcoin exposure grew 21.2% in the first half of the year and 60.5% over the past year to 11,549 BTC ($725 million), according to K33, with significant investments in companies holding bitcoin such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla.

"NBIM's indirect BTC exposure has reached a new all-time high, entering five-digit territory with 11,549 BTC held as of the end of H1 2026," K33 Head of Research Vetle Lunde said on X. "This marks the sixth consecutive period in which the world's largest sovereign wealth fund has seen its indirect BTC exposure grow."

Norway's central bank, Norges Bank, is responsible for managing the Government Pension Fund Global through its investment management division, Norges Bank Investment Management, under a mandate from the Ministry of Finance. It is one of the world's largest sovereign wealth funds, with around $2.4 trillion in assets, according to its latest disclosure this week, primarily invested in global equities, bonds, and real estate.

The country's bitcoin exposure is equivalent to around $125 or 205,000 sats per capita, according to Lunde. It reflects 0.03% of NBIM's total AUM, down from 0.04% at EOY 2025.

"It's important to note that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio," K33 said. "Still, it represents one of the clearest examples of bitcoin's advance into mainstream finance." NBIM's indirect exposure to BTC. Image: K33.

Strategy dominates

NBIM's indirect bitcoin exposure has steadily increased since 2022, driven largely by companies rapidly adding BTC to their balance sheets as established players like Strategy continued aggressive accumulation.

Indeed, the indirect exposure is heavily concentrated in Strategy's (MSTR) stock, which represents nearly 86%, or 9,914 BTC, of the total. NBIM holds 1.17% of the business intelligence and corporate bitcoin treasury firm's shares, valued at $357.3 million as of June 30.

Metaplanet accounts for 671 BTC (5.8%), MARA 421 BTC (3.6%), Coinbase 183 BTC (1.6%), Block 120 BTC (1%), and Tesla 97 BTC (0.8%), per K33. The sovereign wealth fund's largest percentage ownership of any individual company holding bitcoin is Metaplanet, owning 1.56% of its shares. Exposure distribution. Image: K33.

NBIM adds indirect ether holdings

NBIM's indirect exposure to cryptocurrencies has mostly been confined to bitcoin. However, the sovereign wealth fund's latest disclosures also outlined a new position in the Tom Lee-chaired Ethereum treasury company Bitmine, adding indirect exposure to ether alongside its bitcoin-linked holdings.

The fund held 6.15 million Bitmine shares as of June 30 ($88.3 million), representing a 1.16% stake in the company. With Bitmine currently holding 5,805,238 ETH, that is equivalent to around 67,340 ETH ($126.3 million) in indirect exposure today.

Bitcoin (BTC) is currently trading for around $62,788, according to The Block's BTC price page, down 1.4% over the last 24 hours. Ether (ETH) is changing hands for $1,876, down 0.5%. BTC and ETH price performance YTD. Image: The Block.