Norway's Government Pension Fund indirectly holds 11,549 BTC, hitting a new all-time high

BlockBeats News, August 14th, K33 Research Director Vetle Lunde stated that as of the end of the first half of 2026, the Norwegian Sovereign Wealth Fund indirectly increased its Bitcoin exposure to 11,549 BTC, reaching a historic high, valued at approximately $725 million, through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla. The exposure increased by 21.2% in the first half of the year and by 60.5% in the past year, marking the sixth consecutive reporting period of growth.

Among these, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to approximately 9,914 BTC. As of June 30th, the Norwegian Sovereign Wealth Fund held about 1.17% of Strategy's shares, valued at $357.3 million. Metaplanet corresponds to 671 BTC, MARA to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC respectively.

K33 pointed out that this exposure is likely not the result of the fund actively allocating to Bitcoin but rather an indirect consequence of its widely diversified investment portfolio. Currently, the Bitcoin exposure accounts for about 0.03% of the fund's total assets.

In addition, the fund also obtained an indirect ETH exposure for the first time through the Ethereum treasury company BitMine. As of June 30th, it held 6.15 million shares of BitMine, valued at $83.3 million, representing approximately 1.16% of the company's shares; based on BitMine's current ETH holdings, this corresponds to an indirect exposure to around 67,340 ETH.