Norway's sovereign wealth fund has pushed its indirect bitcoin exposure to an all-time high of 11,549 BTC, with Strategy alone accounting for 86% of that total. The fund also disclosed a new stake tied to ether through the treasury company Bitmine.
Norway's sovereign wealth fund has pushed its indirect bitcoin exposure to a record 11,549 BTC, worth $725 million, according to K33 Research. That is up 21.2% in the first half of 2026 and 60.5% over the past year, marking the sixth consecutive period of growth, K33 Head of Research Vetle Lunde said.
Strategy drives 86% of the total
Norges Bank Investment Management's exposure is concentrated in Strategy stock, which represents nearly 86%, or 9,914 BTC, of the total. The fund holds 1.17% of Strategy's shares, a stake valued at $357.3 million as of June 30.
Metaplanet contributes 671 BTC, or 5.8% of the exposure, followed by MARA Holdings at 421 BTC, Coinbase at 183 BTC, Block at 120 BTC, and Tesla at 97 BTC. Metaplanet is also the fund's largest percentage holding among bitcoin-linked companies, at 1.56% of its shares.
A side effect, not a strategy
The fund manages roughly $2.4 trillion in assets and doesn't buy bitcoin directly. Instead, the exposure comes from its stakes in companies that hold bitcoin on their own balance sheets. That indirect position is still small next to the fund's total holdings: 0.03% of AUM, down from 0.04% at the end of 2025, or about $125 per Norwegian citizen.
K33 cautioned that the growth likely isn't deliberate, but a consequence of the fund's broad diversification. Still, according to K33: "it represents one of the clearest examples of bitcoin's advance into mainstream finance."
The trend has built gradually. NBIM's indirect bitcoin exposure stood at just 796 BTC in 2020 and had grown to roughly 3,821 BTC by the end of 2024, according to Crypto Briefing.
New ether exposure through Bitmine
NBIM's latest disclosures also show a new position tied to ether, through a stake in Bitmine, the Ethereum treasury company chaired by Tom Lee. The fund held 6.15 million Bitmine shares as of June 30, worth $88.3 million, a 1.16% stake. Given Bitmine's holding of 5,805,238 ETH, that translates to roughly 67,340 ETH, or $126.3 million, in indirect exposure.
Sources: The Block, Crypto Briefing
Trading involves risk.
Risk Disclaimer
