Norway’s sovereign fund reaches record 11,549 BTC exposure without buying more Bitcoin
Norway’s sovereign wealth fund ended H1 2026 with record indirect Bitcoin exposure and a newly disclosed stake in BitMine, the largest public Ethereum treasury company. NBIM’s public equity holdings translated into 11,549 BTC of indirect exposure at June 30, up 60% year over year, worth about 6.7 billion kroner ($676 million). The increase came mainly from listed companies holding Bitcoin on their balance sheets, especially Strategy, which accounted for 9,914 BTC-equivalent, or 85.8% of the total. Smaller sources included Metaplanet, MARA, Coinbase, Block and others. Even with more BTC embedded in holdings, crypto-linked exposure fell to about 0.03% of total assets because share prices and Bitcoin prices declined. NBIM also disclosed 6.15 million BitMine shares worth $81.9 million. BitMine held 5.7 million ETH, making it another channel for crypto exposure inside the fund.
