Norway sovereign wealth fund sees indirect bitcoin exposure hit all-time high, with Strategy accounting for 86%: K33

Norway’s sovereign wealth fund, Norges Bank Investment Management (NBIM), disclosed record indirect bitcoin exposure of 11,549 BTC in H1 2026, up 21.2% in six months and 60.5% year over year, according to K33. The exposure is largely driven by equity stakes in bitcoin-treasury companies, especially Strategy, which accounts for about 86% of NBIM’s indirect BTC exposure. The fund also had smaller indirect holdings via Metaplanet, MARA, Coinbase, Block, and Tesla, and newly added indirect ether exposure through Bitmine. The article highlights bitcoin’s continued penetration into mainstream finance through diversified institutional portfolios rather than deliberate crypto allocation. Market-wise, the news is supportive for bitcoin sentiment because it underscores rising institutional and sovereign wealth fund exposure, though it does not imply direct spot buying. BTC and ETH were both slightly lower on the day, but the broader takeaway is growing structural adoption and indirect demand support for crypto-linked equities.