Norway sovereign wealth fund's indirect bitcoin exposure hits record 11,549 BTC

Norway's sovereign wealth fund reached an all-time high of 11,549 BTC ($725 million) in indirect bitcoin exposure as of June 30, according to K33 Research, with Strategy accounting for 86 percent of the total.

"This marks the sixth consecutive period in which the world's largest sovereign wealth fund has seen its indirect BTC exposure grow," Vetle Lunde, head of research at K33, said on X. The fund's indirect bitcoin holdings grew 21.2 percent in the first half of the year and 60.5 percent over the past 12 months.

Norges Bank Investment Management, which manages the Government Pension Fund Global under a mandate from Norway's Ministry of Finance, holds roughly $2.4 trillion in assets. The country's bitcoin exposure equates to about $125 or 205,000 sats per capita, reflecting 0.03 percent of NBIM's total AUM, down from 0.04 percent at the end of 2025.

Strategy dominates the fund's indirect bitcoin holdings at 9,914 BTC, with NBIM owning 1.17 percent of the corporate bitcoin treasury firm's shares, valued at $357.3 million. Metaplanet accounts for 671 BTC (5.8 percent), MARA 421 BTC (3.6 percent), Coinbase 183 BTC (1.6 percent), Block 120 BTC (1 percent), and Tesla 97 BTC (0.8 percent), per K33.

"It's important to note that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio," K33 said. "Still, it represents one of the clearest examples of bitcoin's advance into mainstream finance."

NBIM also disclosed a new position in Bitmine, the Tom Lee-chaired Ethereum treasury company, holding 6.15 million shares ($88.3 million) as of June 30 — a 1.16 percent stake. With Bitmine holding 5,805,238 ETH, that translates to roughly 67,340 ETH ($126.3 million) in indirect ether exposure.

Bitcoin is trading at $62,788, down 1.4 percent over the last 24 hours, while ether is at $1,876, down 0.5 percent, according to The Block's price pages.

The steady climb in NBIM's indirect crypto exposure — driven largely by companies adding bitcoin to balance sheets — shows how traditional investment vehicles are channeling sovereign capital into digital assets, even without explicit mandates to do so.

This article is for informational purposes only and does not constitute investment advice.