Norway's Sovereign Fund Sees Indirect Exposure to Bitcoin Rise to 11,549 BTC

Norway's sovereign wealth fund, Norges Bank Investment Management (NBIM), reported an indirect exposure to Bitcoin of 11,549 BTC at the end of the first half of 2026. This represents a 21.2% increase from the same period last year and a 60.5% jump over the past 12 months.

The majority of this exposure comes from NBIM's holdings in publicly traded companies that keep Bitcoin on their balance sheets, with Strategy being the largest contributor at around 86%. The sovereign fund owns about 1.17% of Strategy's shares, valued at $357.3 million as of June 30.

This increase is not a deliberate allocation decision by NBIM in favor of Bitcoin but rather a consequence of its broadly diversified equity portfolio and the growing number of companies that hold Bitcoin as a treasury asset.

Meanwhile, NBIM's indirect exposure to Ether through Bitmine, an Ethereum treasury company chaired by Tom Lee, has also increased. The fund held 6.15 million Bitmine shares valued at $88.3 million and representing about 1.16% of the company's stake as of June 30.

K33 Head of Research Vetle Lunde notes that Norway's rising Bitcoin exposure is less a sovereign Bitcoin allocation than a consequence of owning global equities whose balance sheets increasingly contain BTC.