Norway’s sovereign wealth fund has pushed its indirect Bitcoin exposure to a record 11,549 BTC as of June 30, a 60% jump from a year earlier and the sixth straight reporting period of growth. The position, held through listed companies rather than direct purchases, was worth about 6.7 billion kroner ($676 million) at the end of the period.
Where the Bitcoin sits
Strategy, the software firm formerly known as MicroStrategy, remains the dominant source. It accounted for 9,914 BTC, or 85.8% of the fund’s total indirect exposure at the end of June, up from 7,801 BTC at the end of 2025. The increase from Strategy alone — roughly 2,113 BTC — exceeded the net growth across the entire portfolio of about 2,019 BTC, meaning other holdings partially offset the rise.
Other notable positions include Metaplanet with 671 BTC, MARA Holdings at 421 BTC, Coinbase with 183 BTC, and Block at 120 BTC. The fund’s indirect Bitcoin exposure has climbed steadily from 1,507 BTC at the end of 2023 to 11,549 BTC now.
Why the value fell
Despite the higher coin count, Bitcoin-linked exposure actually shrank as a share of the fund’s total assets — to 0.03% from 0.04% at year-end 2025. Its estimated value dropped from 8.41 billion kroner to 6.69 billion kroner. The reason is simple: Bitcoin declined nearly 30% over the period, and Strategy shares fell about 40%.
The fund’s overall portfolio returned 9.4% in the first half, beating its benchmark by 0.22%. Equities, which make up 72.1% of the fund, returned 12.95%.
A fund that can’t buy directly
NBIM manages the Government Pension Fund Global under a mandate set by the Ministry of Finance, with constraints that limit discretionary bets. It doesn’t buy crypto directly; the exposure comes from holding stakes in companies that stack Bitcoin on their own balance sheets. As of June 30, the fund managed 22.68 trillion kroner, owned stakes in roughly 7,200 companies, and held about 1.5% of the world’s listed equities on average.
The latest figures show the fund’s indirect Bitcoin position has now grown for six straight reporting periods, though it still accounts for just 0.03% of assets.
