Norway sovereign wealth fund’s indirect BTC exposure rises to 11,549, a record high

News Editor

2026-08-14 12:31:59

Norway’s sovereign wealth fund had indirect exposure to 11,549 BTC at the end of the first half of 2026, according to K33 Head of Research Vetle Lunde. The exposure came through equity stakes in companies including Strategy, Metaplanet, MARA, Coinbase, Block and Tesla, and was valued at about $725 million based on the price used in the note. K33 said the position was up 21.2% in the first half of the year and 60.5% over the past 12 months, marking the sixth consecutive reporting period of growth. Strategy accounted for nearly 86% of the total, equivalent to about 9,914 BTC. As of June 30, the fund owned roughly 1.17% of Strategy, a stake then worth $357.3 million. K33 added that the bitcoin exposure likely was not the result of an active BTC allocation, but rather a byproduct of the fund’s broad and diversified portfolio. The BTC-linked exposure represented about 0.03% of the fund’s total assets. The fund also gained indirect ETH exposure for the first time through Ethereum treasury company BitMine.

Norway Sovereign Wealth FundBitcoinEthereumStrategyBitMineK33Institutional Holdings

Norway’s sovereign wealth fund had indirect exposure to 11,549 BTC at the end of the first half of 2026 through its shareholdings in Strategy, Metaplanet, MARA, Coinbase, Block and Tesla, according to K33 Head of Research Vetle Lunde on Aug. 14. The exposure reached a record high and was worth about $725 million based on the price cited in the note.

Exposure kept rising through the first half

K33 said the fund’s indirect bitcoin exposure increased 21.2% in the first half of 2026 and 60.5% over the past year. It has now risen for six straight reporting periods.

Strategy made up nearly 86% of the fund’s indirect bitcoin exposure, equal to about 9,914 BTC. As of June 30, the fund held about 1.17% of Strategy, a position valued at $357.3 million at that time.

Most of the BTC linkage came from listed equities

Outside Strategy, Metaplanet accounted for 671 BTC, MARA for 421 BTC, while Coinbase, Block and Tesla represented 183 BTC, 120 BTC and 97 BTC, respectively.

K33 said the exposure was likely not the result of an intentional bitcoin allocation. Instead, it was probably an indirect effect of the fund’s broadly diversified portfolio. The related bitcoin exposure currently equals about 0.03% of the fund’s total assets.

Fund also picked up indirect ETH exposure for the first time

K33 also said the fund gained indirect ETH exposure for the first time through Ethereum treasury company BitMine. As of June 30, it held 6.15 million BitMine shares worth $88.3 million, representing about 1.16% of the company. Based on BitMine’s current ETH holdings, that stake translates into indirect exposure to about 67,340 ETH.

This article was originally published by Bit.Fan. For more cryptocurrency news and market insights, visit www.bit.fan.

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