NBIM's Indirect Bitcoin Holdings Surpass $676 Million

Norges Bank Investment Management (NBIM), which oversees the world's largest sovereign wealth fund, has seen its indirect Bitcoin holdings skyrocket over the past few years. The fund doesn't directly invest in cryptocurrency, but rather holds equities that also hold Bitcoin on their balance sheets.

The single largest contributor to this dynamic is Strategy, a company that has transformed itself from an enterprise software firm into a leveraged Bitcoin vehicle. NBIM's equity stake in Strategy alone accounts for a significant portion of its indirect crypto exposure.

As of the first half of 2026, estimates put NBIM's total indirect Bitcoin holdings at 11,549 BTC, valued at approximately $676 million, or about 0.03% of the fund's total assets under management. This represents a 153% year-over-year increase from 2024.