Norway’s sovereign fund reaches record 11,549 BTC exposure without buying more Bitcoin

Norway’s sovereign wealth fund ended the first half of 2026 with record indirect Bitcoin exposure and a newly disclosed stake in the world’s largest Ethereum treasury company.Norges Bank Investment Management’s (NBIM) public-equity holdings translated into 11,549 BTC of indirect exposure as of June 30, up 60% from a year earlier and marking the sixth consecutive reporting period of growth, K33 Research data showed.The exposure was worth about 6.7 billion kroner, or $676 million, at the end of the period.NBIM’s indirect Bitcoin exposure rose to 11,549 BTC by June 2026, up from 9,530 BTC at year-end 2025. (Source: K33 Research)The increase has largely come through listed companies that hold Bitcoin on their balance sheets, rather than through purchases made by the sovereign fund itself.That distinction is central to understanding the trend.Norges Bank, Norway’s central bank, manages the Government Pension Fund Global under a mandate set by the Ministry of Finance. NBIM manages the portfolio, but limits set by the ministry and Norges Bank’s Executive Board tightly constrain its ability to deviate from the fund’s benchmark.As a result, much of the fund’s exposure reflects the compositi...