Norway's sovereign wealth fund's indirect bitcoin exposure hits record 11,549 BTC
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Norway's sovereign wealth fund increased its indirect bitcoin exposure by 21.2% in the first half of 2026 and 60.5% year on year to a record 11,549 BTC ($725 million), according to K33. Strategy accounts for 86% of that exposure, or 9,914 BTC, with smaller holdings across Metaplanet, MARA, Coinbase, Block, and Tesla. The exposure equals about $125 per Norwegian citizen but just 0.03% of the fund's total assets.
Record Indirect Exposure
Norges Bank Investment Management's indirect bitcoin exposure reached 11,549 BTC as of the end of the first half of 2026, up 21.2% from the previous six months and 60.5% year on year, according to K33 Head of Research Vetle Lunde. This is the sixth consecutive reporting period in which the fund's indirect bitcoin exposure has grown. NBIM, which manages Norway's Government Pension Fund Global under a Ministry of Finance mandate, holds positions in Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla. The fund's total assets were around $2.4 trillion in its latest disclosure this week.
Strategy Concentration
Strategy stock represents nearly 86%, or 9,914 BTC, of NBIM's total indirect bitcoin exposure. NBIM holds 1.17% of Strategy shares, valued at $357.3 million as of June 30. Other corporate holdings include Metaplanet at 671 BTC (5.8%), MARA at 421 BTC (3.6%), Coinbase at 183 BTC (1.6%), Block at 120 BTC (1%), and Tesla at 97 BTC (0.8%). The fund's largest percentage ownership among bitcoin-holding companies is Metaplanet, at 1.56% of its shares.
Per Capita Impact
The indirect exposure equals about $125 or 205,000 satoshis per Norwegian citizen, according to Lunde. It represents 0.03% of NBIM's total assets under management, down from 0.04% at the end of 2025. K33 said the exposure is likely not a deliberate bitcoin allocation but a byproduct of the fund's broadly diversified portfolio. The research firm added that it is nevertheless one of the clearest examples of bitcoin's advance into mainstream finance.
What's Next
NBIM's next biannual disclosure will show whether indirect bitcoin exposure continues to rise in the second half of 2026. It remains unclear whether the fund will shift to a deliberate bitcoin position or keep the exposure solely as a byproduct of its diversified portfolio.
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Norway's sovereign wealth fund's indirect bitcoin exposure hits record 11,549 BTC
