Norway’s sovereign wealth fund increased its indirect Bitcoin exposure to a record 11,549 BTC during the first half of 2026, according to holdings data compiled by K33. The position was worth roughly $725 million at the prices used in the calculation, up 21.2% since the end of 2025 and 60.5% from a year earlier.
The exposure does not mean the fund has bought Bitcoin directly. Instead, it reflects its stakes in publicly traded companies that hold Bitcoin on their balance sheets, led overwhelmingly by Strategy, the corporate Bitcoin treasury company formerly known as MicroStrategy. The figures show how a large, broadly diversified state portfolio can accumulate material cryptocurrency-linked exposure through ordinary equity holdings.
Norges Bank Investment Management, which runs the fund on behalf of Norway’s Ministry of Finance, reported about $2.4 trillion in assets in its latest disclosure. Bitcoin-linked exposure represented about 0.03% of that total, down from 0.04% at the end of 2025 despite the increase in the estimated number of Bitcoin represented by the portfolio.
That decline in portfolio weight reflects the scale of the fund’s overall asset base. Its holdings span thousands of global companies alongside bonds, real estate and other assets, meaning even a sizeable increase in Bitcoin-linked stocks remains a small allocation within the full portfolio.
Strategy accounts for most of the Bitcoin-linked exposure
Strategy represented nearly 86% of the fund’s estimated Bitcoin exposure, equivalent to 9,914 BTC under K33’s calculation. Norges Bank Investment Management held 1.17% of Strategy’s shares as of June 30, a stake valued at $357.3 million in the fund’s disclosure.
Because Strategy holds a large Bitcoin reserve, its shares provide shareholders with indirect exposure to the company’s underlying Bitcoin holdings. K33 estimated that Norway’s stake corresponded to roughly $622 million of Bitcoin exposure, using the proportion of Strategy shares owned by the fund and the company’s reported Bitcoin balance.
The difference between the market value of the Strategy shares and the estimated value of the related Bitcoin reflects the nature of a corporate treasury-stock calculation. A share in Strategy represents a claim on an operating company with debt, capital-raising activity, software operations and a substantial Bitcoin reserve; it does not function as a direct claim on a fixed amount of BTC.
Norway’s fund also held positions in several smaller Bitcoin treasury companies. Japan-listed Metaplanet accounted for an estimated 671 BTC of exposure, or 5.8% of the total, while Bitcoin miner MARA represented 421 BTC, or 3.6%.
Coinbase contributed an estimated 183 BTC, Block added 120 BTC, and Tesla accounted for 97 BTC. These companies hold or are connected to digital assets in different ways, so their Bitcoin-linked exposure is less straightforward than a pure treasury-company holding. Coinbase, for example, has a large cryptocurrency business whose equity value depends on trading, custody, institutional services and other operations alongside any corporate crypto holdings.
Metaplanet was the company in which Norges Bank Investment Management held the largest proportional ownership among the listed Bitcoin holders in the calculation. The fund owned 1.56% of Metaplanet’s shares as of June 30.
Exposure has risen steadily since 2022
K33’s data show that the fund’s Bitcoin-linked position has risen steadily since 2022, while remaining highly concentrated in Strategy. That pattern largely follows the expansion of Strategy’s Bitcoin treasury and the fund’s continued ownership of its shares, rather than evidence of a dedicated Bitcoin allocation by Norway’s managers.
The figures also put the fund’s exposure in unusually tangible terms. K33 calculated the portfolio’s indirect Bitcoin position at about $125 per Norwegian resident, or around 205,000 satoshis per capita. A satoshi is one hundred millionth of a Bitcoin.
For cryptocurrency markets, the calculation illustrates how corporate balance-sheet strategies can carry Bitcoin exposure into portfolios that may have no mandate to buy tokens directly. Sovereign funds and major index-oriented managers often own public companies across sectors, and a company’s decision to maintain a Bitcoin treasury can change the digital-asset exposure embedded in those portfolios.
That mechanism also makes the exposure less responsive than a direct token position. Norges Bank Investment Management can alter its shareholdings, but the Bitcoin reserve attributed to its stake depends on corporate decisions by Strategy, Metaplanet and other companies, as well as changes in their outstanding share counts and market valuations.
Bitmine adds an indirect Ether position
The latest disclosure also showed that Norway’s fund had acquired a new equity position tied to Ether through Bitmine, an Ethereum treasury company chaired by Tom Lee. Norges Bank Investment Management held 6.15 million Bitmine shares as of June 30, valued at $88.3 million, representing a 1.16% stake in the company.
Bitmine reported holdings of 5,805,238 ETH. On a proportional basis, K33 estimated that Norway’s shareholding implied exposure to about 67,340 ETH, valued at roughly $126.3 million using the stated market prices.
The Ether calculation follows the same look-through approach used for Strategy’s Bitcoin reserve: it estimates the digital assets associated with the fund’s equity stake rather than identifying tokens held in a wallet controlled by the sovereign fund.
Bitmine’s position also broadens the fund’s indirect cryptocurrency exposure beyond companies with Bitcoin treasuries. Yet the scale remains much smaller than the Strategy-linked allocation, and the fund’s disclosed equity stake does not establish a direct policy shift toward holding either Bitcoin or Ether.
Norway’s portfolio remains primarily a global equities, bonds and real-estate fund. Its record Bitcoin-linked exposure instead shows how deeply corporate crypto treasury strategies have become embedded in listed markets, allowing digital-asset positions to appear inside some of the world’s largest conventional portfolios.
Curious how institutions shape Bitcoin’s path? Explore Toobit’s insights in this analysis on sovereign-style BTC reserves.
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