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Norway fund indirect Bitcoin exposure hits record 11,549 BTC

The fund’s Norges Bank Investment Management said the exposure was about 6.7 billion kroner, or $676 million, as of June 30, with Strategy accounting for 9,914 BTC-equivalent.

Reported · Written up by our desk · Market Structure

Norway’s sovereign wealth fund, managed by Norges Bank Investment Management, ended the first half of 2026 with a record level of indirect Bitcoin exposure, totaling 11,549 BTC-equivalent as of June 30, according to CryptoSlate and K33 Research data. That figure rose 60% from a year earlier and marked the sixth consecutive period of growth.

The exposure was valued at roughly 6.7 billion kroner, or $676 million, at the end of the period. CryptoSlate reported that the increase largely came from listed companies held in the fund’s public equity portfolio that carry Bitcoin on their balance sheets, rather than from purchases made directly by the sovereign fund.

The central bank of Norway, Norges Bank, manages the Government Pension Fund Global under a mandate set by the Ministry of Finance, with constraints that limit NBIM’s ability to deviate from its benchmark. As a result, much of the Bitcoin exposure is tied to how companies are represented across global public markets.

As of June 30, NBIM managed 22.68 trillion kroner overall, with 72.1% invested in equities totaling 16.36 trillion kroner, which returned 12.95% in the first half. CryptoSlate said Strategy was the dominant source of the indirect Bitcoin exposure, contributing 9,914 BTC-equivalent, or 85.8% of the total, with Metaplanet and MARA Holdings far behind.

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