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Norwegian Sovereign Fund's Bitcoin Holdings Exceed 11,549, Setting New Record High

According to K33's research director Vetle Lunde, as of the end of the first half of 2026, the Norwegian Sovereign Wealth Fund's indirect Bitcoin exposure, through holdings in companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla, has risen to 11,549 BTC, a historic high valued at approximately $725 million. This exposure increased by 21.2% in the first half of the year and by 60.5% over 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 about 9,914 BTC, with the fund holding approximately 1.17% of Strategy's shares as of June 30. 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 notes that this exposure is likely not a result of the fund's active allocation to Bitcoin but rather an indirect effect of its broadly diversified investment portfolio, with the related Bitcoin exposure accounting for about 0.03% of the fund's total assets. Additionally, the fund has also gained indirect ETH exposure for the first time through the Ethereum treasury company BitMine, holding 6.15 million shares of BitMine valued at $88.3 million as of June 30, which corresponds to an indirect exposure of approximately 67,340 ETH based on BitMine's current ETH holdings.

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