Norway's Sovereign Wealth Fund Accidentally Becomes a Major Bitcoin Holder

Norges Bank Investment Management, which runs Norway's $1.7 trillion Government Pension Fund Global, has inadvertently become one of the world's largest holders of Bitcoin through indirect exposure.

The fund, known as NBIM, does not directly invest in cryptoassets but rather holds shares in companies that have significant amounts of Bitcoin on their balance sheets.

Strategy, a company formerly known as MicroStrategy, is the single largest contributor to this dynamic. As a leveraged Bitcoin vehicle, it holds the world's largest corporate Bitcoin treasury and NBIM's equity stake in Strategy accounts for a significant portion of its indirect crypto exposure.

K33 Research estimates that NBIM's indirect Bitcoin holdings stood at approximately 11,549 BTC as of mid-2026, valued at around $676 million or about 0.03% of the fund's total assets under management.