Norway's Sovereign Fund Hits Record Indirect Bitcoin Exposure

Norway's sovereign wealth fund has reached a record high in indirect Bitcoin exposure without buying more of the cryptocurrency. The Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), ended the first half of 2026 with 11,549 BTC of indirect exposure, up 60% from a year earlier.

This growth is largely due to listed companies that hold Bitcoin on their balance sheets, rather than purchases made directly by the sovereign fund. Strategy remains the dominant source of NBIM's indirect Bitcoin exposure, accounting for nearly all of the increase recorded during the first half of 2026.

The value of this exposure is about $676 million at the end of June, but it represents only 0.03% of the fund's total assets. This divergence reflects the difference between Bitcoin-equivalent exposure and the market value of the stocks providing it.