Norges Bank Investment Management reached a record 11,549 BTC of indirect Bitcoin exposure as of June 30, 2026, without purchasing Bitcoin directly. The exposure climbed 60% from 9,530 BTC at year-end 2025, according to K33 Research analysis of NBIM’s corporate equity holdings.
NBIM, which manages 22.68 trillion kroner in total assets, accumulates Bitcoin exposure through stakes in publicly listed companies that hold cryptocurrency on their balance sheets. The fund owns 7,200 companies globally, representing approximately 1.5% of world listed equities. Its Bitcoin-linked exposure represents 0.03% of total assets at the end of June, down from 0.04% at year-end 2025, despite the absolute BTC count rising.
Strategy, a publicly traded company holding Bitcoin, accounted for the bulk of the increase. NBIM’s stake in Strategy represented 9,914 BTC-equivalent exposure at end of June, or 85.8% of the fund’s total indirect Bitcoin holdings. Strategy’s exposure to NBIM grew by 2,113 BTC during the first half alone, from 7,801 BTC at year-end 2025. The fund’s entire portfolio added 2,019 BTC of net indirect exposure during the period.
Other holdings contributing to NBIM’s Bitcoin exposure included Metaplanet at 671 BTC-equivalent, MARA Holdings at 421 BTC-equivalent, Coinbase at 183 BTC-equivalent, and Block at 120 BTC-equivalent. The fund’s total Bitcoin-linked exposure was valued at 6.69 billion kroner, or approximately $676 million USD, at period end.
Ethereum Exposure Through BitMine
NBIM also holds newly disclosed Ethereum exposure via BitMine Immersion Technologies, which operates the largest corporate Ethereum treasury among publicly traded companies. As of June 28, 2026, BitMine held 5.70 million ETH, representing 4.7% of Ethereum’s circulating supply. BitMine also held 206 BTC.
NBIM owned 6,151,062 BitMine shares valued at $81.87 million at end of June. BitMine ranks behind only Strategy among publicly traded crypto treasury companies by total digital asset holdings. The company’s share value reflects not only its Ethereum holdings but also cash, other assets, liabilities, staking income, and market premium or discount.
Market Context and Fund Constraints
Bitcoin declined nearly 30% during 2026, while Strategy shares fell approximately 40%. Despite the broader crypto asset downturn, NBIM’s indirect exposure expanded significantly in absolute terms.
K33 Research attributed the steady rise in NBIM’s indirect Bitcoin exposure to a broad-market effect, as companies with Bitcoin holdings became meaningful components of global stock markets. The fund’s exposure largely reflects the composition of global public markets rather than discretionary bets on individual companies or assets.
NBIM operates under strict constraints set by the Ministry of Finance and Norges Bank’s Executive Board, which tightly restrict its ability to deviate from the fund’s benchmark. The fund returned 9.4% overall during the first half of 2026, with equities contributing 12.95% returns and outperforming the benchmark by 0.22%.
