Two of the world's largest oil-producing nations are building Bitcoin positions through equity markets and exchange-traded funds rather than direct purchases.
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Norway, UAE sovereign funds raise Bitcoin exposure 60% via MSTR, IBIT
Norway's sovereign wealth fund holds indirect exposure to 11,549 Bitcoin, up 60% year over year, according to K33 Research data cited by The Block.
K33 Research's analysis attributes 86% of the fund's indirect Bitcoin holdings to its equity stake in Strategy (MSTR), the business intelligence firm that has accumulated Bitcoin as its primary treasury reserve asset.
The remaining exposure is spread across other publicly traded companies holding Bitcoin on their balance sheets. The fund also disclosed a new $82 million purchase of Bitmine (BMNR), a Bitcoin mining company, further diversifying its indirect digital asset exposure. Separately, Abu Dhabi's Mubadala Investment Company reported a $490 million stake in BlackRock's iShares Bitcoin Trust (IBIT) in a filing dated Aug. 14 — the second-largest single holding across its entire 13F portfolio. The Abu Dhabi Investment Council disclosed a $273.6 million IBIT position in a separate filing on Aug. 13, its largest holding. Combined, the two UAE funds hold $763.7 million in IBIT.
The moves show conservative institutional capital entering Bitcoin through regulated equity vehicles, a path that avoids the operational and regulatory complexity of direct ownership. With IBIT holding $47.3 billion in assets under management, sovereign wealth managers are treating Bitcoin exposure as a portfolio allocation rather than a speculative trade.
Strategy Stake Drives 86% of Norway's Indirect Holdings
The Norway fund's indirect Bitcoin position grew primarily because Strategy continued accumulating the asset through the first half of the year. As Strategy's treasury expanded, the fund's equity stake in the company translated into greater indirect Bitcoin exposure. The new Bitmine position adds a mining-sector component, giving the fund exposure to Bitcoin's production economics rather than just its price.
The UAE's approach differs: Mubadala and ADIC bought directly into IBIT, the most successful crypto exchange-traded fund since the SEC approved a slate of spot Bitcoin ETFs in January 2024. Both positions were unchanged from the prior quarter, suggesting the funds view Bitcoin as a strategic allocation rather than a trading position.
IBIT's $47.3B AUM Draws Sovereign Capital
The combined moves from Norway and the UAE — two of the world's top oil producers — could prompt other resource-rich sovereign funds to evaluate similar exposure. The equity and ETF route offers a regulated, familiar channel that avoids the custody and compliance burden of holding Bitcoin directly.
For investors, the growing interconnection between traditional equities and the cryptocurrency market means that holdings in companies like Strategy may carry Bitcoin exposure without explicit intent. This can increase gains during bull markets but also raise downside risk during corrections. The trend also raises questions about how much Bitcoin exposure pension funds and other conservative institutions may already hold indirectly through their equity portfolios.
This article is for informational purposes only and does not constitute investment advice.
[1] Oil to Bitcoin: Norway and UAE Boost Wealth Funds via MSTR and BlackRock[2] Norway’s Sovereign Wealth Fund Indirectly Holds 11,549 Bitcoin, Up 60% Year Over Year[3] Norway's Sovereign Wealth Fund Indirectly Holds 11,549 Bitcoin, Up 60% Year Over Year[4] UAE Sovereign Funds Hold $763.7 Million of BlackRock Spot Bitcoin ETF[5] Abu Dhabi Sovereign Wealth Funds Keep Big Bitcoin Positions
