Norway's sovereign wealth fund indirectly holds 11,549 BTC, marking a new all-time high.

K33 Research Head Vetle Lunde stated that as of the end of H1 2026, Norway’s sovereign wealth fund’s indirect Bitcoin exposure—via holdings in stocks of companies including Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla—rose to a record high of 11,549 BTC, worth approximately $725 million. This exposure increased by 21.2% in the first half of the year and 60.5% over the past 12 months, marking its sixth consecutive reporting period of growth. Strategy accounts for nearly 86% of the fund’s indirect Bitcoin exposure, equivalent to around 9,914 BTC. As of June 30, the fund held approximately 1.17% of Strategy’s shares, valued at $357.3 million at the time. Metaplanet corresponds to 671 BTC, MARA to 421 BTC, and Coinbase, Block, and Tesla to 183 BTC, 120 BTC, and 97 BTC respectively. K33 noted that this exposure is likely not the result of the fund’s active Bitcoin allocation, but rather an indirect effect of its widely diversified portfolio. Currently, the relevant Bitcoin exposure accounts for about 0.03% of the fund’s total assets. Additionally, the fund obtained indirect Ethereum exposure for the first time via Ethereum treasury company BitMine. As of June 30, it held 6.15 million shares of BitMine, valued at $88.3 million, accounting for around 1.16% of the company’s shares; based on BitMine’s current ETH holdings, this translates to an indirect exposure of approximately 67,340 ETH.