BlockBeats News, August 14th. K33 Research Director Vetle Lunde stated that as of the end of the first half of 2026, the Norwegian Sovereign Wealth Fund indirectly increased its Bitcoin exposure to 11,549 BTC through holding stocks of companies such as Strategy, Metaplanet, MARA, Coinbase, Block, and Tesla, reaching a historical high. Based on the price in the article, this is valued at approximately $725 million. The Bitcoin exposure grew by 21.2% in the first half of the year, by 60.5% in the past year, and has risen for the sixth consecutive reporting period.

Among them, Strategy accounts for nearly 86% of the fund's indirect Bitcoin exposure, corresponding to about 9,914 BTC. As of June 30, the Norwegian Sovereign Wealth Fund held approximately 1.17% of Strategy's shares, valued at $3.573 billion at that time. Metaplanet corresponds to 671 BTC, MARA to 421 BTC, and Coinbase, Block, and Tesla correspond to 183 BTC, 120 BTC, and 97 BTC, respectively.

K33 pointed out that this exposure is most likely not the result of the fund actively allocating to Bitcoin but rather the indirect impact of its widely diversified investment portfolio. Currently, the Bitcoin exposure accounts for about 0.03% of the fund's total assets.

In addition, the fund also obtained an indirect ETH exposure for the first time through the Ethereum treasury company BitMine. As of June 30, it held 6.15 million shares of BitMine, valued at $88.3 million, representing approximately 1.16% of the company's shares; based on BitMine's current ETH holdings, this corresponds to an indirect exposure of about 67,340 ETH.