Following its latest biannual disclosures, the Norway sovereign wealth fund's indirect bitcoin exposure grew 21.2% in the first half of the year and 60.5% over the past year to 11,549 BTC ($725 million), according to K33, with significant investments in companies holding bitcoin such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla.
"NBIM's indirect BTC exposure has reached a new all-time high, entering five-digit territory with 11,549 BTC held as of the end of H1 2026," K33 Head of Research Vetle Lunde said on X.
"This marks the sixth consecutive period in which the world’s largest sovereign wealth fund has seen its indirect BTC exposure grow." Norway's central bank, Norges Bank, is responsible for managing the Government Pension Fund Global through its investment management division, Norges Bank Investment Management, under a mandate from the Ministry of Finance.
It is one of the world's largest sovereign wealth funds, with around $2.4 trillion in assets, according to its latest disclosure this week, primarily invested in global equities, bonds, and real estate.
The country's bitcoin exposure is equivalent to around $125 or 205,000 sats per capita, according to Lunde.
