Norwegian Sovereign Fund's "Indirect Bitcoin Exposure" Surpasses 11,500, Setting New Record
The world's largest sovereign fund has become an "invisible giant" in the cryptocurrency market. According to the latest analysis by cryptocurrency research firm K33, as of the first half of 2026, the Norwegian sovereign fund has achieved an indirect exposure of 11,549 bitcoins through its holdings in "crypto stocks," valued at approximately $725 million, marking a historic high.
The report from K33 indicates that in the first half of this year, the Norwegian sovereign fund's indirect bitcoin holdings surged by 21.2%; looking back over the past year, the increase has exceeded 60.5%, bringing the total to 11,549 bitcoins (valued at about $725 million). This growth momentum is primarily attributed to the fund's significant investments in publicly traded companies that hold bitcoin, such as MicroStrategy, Metaplanet, MARA, Coinbase, Block, and Tesla.
Vetle Lunde, head of research at K33, expressed astonishment on social media: "As of the first half of 2026, the Norwegian Central Bank Investment Management (NBIM) has reached a historic high in indirect bitcoin exposure, surpassing the 10,000 mark for the first time, totaling 11,549 bitcoins. This marks the sixth consecutive half-year of stable growth in indirect bitcoin exposure for the world's largest sovereign fund."
The Norwegian Central Bank (Norges Bank) is tasked by the Ministry of Finance to manage the government pension fund through its subsidiary, NBIM. According to the latest data disclosed this week, the fund's assets under management have reached a staggering $2.4 trillion, with funds broadly allocated across global stocks, bonds, and real estate markets.
Vetle Lunde estimates that if the fund's bitcoin holdings were distributed among all Norwegian citizens, each would hold about $125. However, this indirect holding currently only accounts for 0.03% of NBIM's total assets under management, slightly down from 0.04% at the end of 2025. He stated:
Since 2022, as more companies have incorporated bitcoin into their balance sheets, NBIM's indirect holdings have risen accordingly, with Strategy, known for its aggressive leverage in accumulating bitcoin, contributing the most significantly.
Data shows that this indirect exposure is highly concentrated in Strategy, which accounts for as much as 86% (approximately 9,914 bitcoins) of the total bitcoin position. As of June 30, NBIM held about 1.17% of this company’s shares, with a market value of $357.3 million.
In addition to Strategy, other "bitcoin concept stocks" contributed as follows: Japanese listed company Metaplanet contributed 671 bitcoins (5.8%), bitcoin miner MARA contributed 421 bitcoins (3.6%), cryptocurrency exchange Coinbase contributed 183 bitcoins (1.6%), payment giant Block contributed 120 bitcoins (1%), and electric vehicle manufacturer Tesla contributed 97 bitcoins (0.8%).
In the past, NBIM's cryptocurrency exposure was almost entirely concentrated in bitcoin. However, the latest revelations indicate that the fund has quietly built a position in Bitmine, a company with Ethereum reserves chaired by Wall Street analyst Tom Lee, thereby gaining indirect exposure to Ethereum (ETH).
As of the end of June, NBIM held as many as 6.15 million shares of Bitmine (1.16% ownership, valued at approximately $88.3 million). Given Bitmine's current reserve of 5.805 million ethers, this investment equates to the Norwegian sovereign fund indirectly holding about 67,340 ethers (valued at approximately $12.6 million).
-- Price
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