Norway’s Government Pension Fund Global has boosted its indirect bitcoin holdings to 11,549 BTC, valued at $725 million, according to K33. The increase, which rose 21.2% in the first half of 2026 and 60.5% over the past year, is primarily through stakes in firms such as Strategy, Metaplanet, and Coinbase.
The fund’s exposure is equivalent to $125 or 205,000 sats per capita, with Strategy accounting for 86% of the holdings. Norges Bank Investment Management, which oversees the fund, has not explicitly targeted cryptocurrency investments, K33 noted.
Vetle Lunde, head of research at K33, highlighted the fund’s indirect exposure reaching a new high, though he stressed that the holdings likely stem from portfolio diversification rather than deliberate strategy. The fund owns 1.17% of Strategy’s shares and 1.16% of Bitmine, an Ethereum treasury firm.
Indirect ether exposure via Bitmine stands at 67,340 ETH, worth $126.3 million. Bitcoin and ether prices fell slightly in the past 24 hours, trading at $62,788 and $1,876 respectively. K33’s analysis suggests the fund’s cryptocurrency exposure remains a byproduct of its broad investment approach.
Written by Rebecca Shaw
Industry Desk
