Bitcoin · Strategy · Ethereum · CryptoSlate
Norway’s sovereign fund reaches record 11,549 BTC exposure without buying more Bitcoin
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Norway’s sovereign wealth fund ended the first half of 2026 with record indirect Bitcoin exposure and a newly disclosed stake in the world’s largest Ethereum treasury company.
Key facts
- The Norwegian fund held 6,151,062 BitMine shares worth $81.87 million at the end of June, after reporting no position in the company at year-end 2025
- Metaplanet was a distant second at 671 BTC-equivalent, followed by MARA Holdings with 421 BTC, Coinbase with 183 BTC and Block with 120 BTC
- Norges Bank Investment Management’s (NBIM) public-equity holdings translated into 11,549 BTC of indirect exposure as of June 30, up 60% from a year earlier and marking the sixth consecutive reporting
- K33 estimated that NBIM’s Strategy stake translated into 9,914 BTC-equivalent at the end of June, or 85.8% of its total indirect exposure, up from 7,801 BTC at the end of 2025
Summary
01 Norway’s sovereign wealth fund’s indirect Bitcoin exposure hit a record 11,549 BTC by June 30, 2026. 02 Most of the increase came through listed companies, especially Strategy, not direct crypto purchases by the fund. 03 The same pattern is now emerging in Ethereum via BitMine, but the stake’s exact crypto-equivalent exposure is unclear. Norges Bank Investment Management’s (NBIM) public-equity holdings translated into 11,549 BTC of indirect exposure as of June 30, up 60% from a year earlier and marking the sixth consecutive reporting period of growth, K33 Research data showed.