Overview
- External researchers estimate that Norges Bank Investment Management’s public equity holdings translated into a record 11,549 BTC of indirect exposure as of June 30, 2026, worth roughly 6.7 billion kroner (about $676 million).
- About 85–86% of that indirect Bitcoin exposure comes from the fund’s stake in Strategy (formerly MicroStrategy), which K33 estimated represented roughly 9,914 BTC-equivalent at the end of June.
- NBIM’s newly disclosed position in BitMine introduces indirect Ethereum exposure because BitMine reported holding about 5.70 million ETH on its books as of June 28, 2026.
- All figures are external estimates compiled by K33 from public filings and ownership data, and NBIM has not publicly validated the calculations; translating equity stakes into crypto-equivalents can misstate true economic exposure because share prices reflect cash, liabilities, staking revenue and investor premiums or discounts.
- The indirect crypto allocation remains tiny relative to the fund’s size (about 0.03% of assets under management), but the rapid rise from roughly 796 BTC in 2020 to 11,549 BTC in mid-2026 highlights how corporate treasury moves can embed concentrated crypto risk into passive portfolios and raise questions for Norwegian public-policy and fund governance.