Norway's sovereign wealth fund increases indirect crypto exposure

Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management, has significantly increased its indirect exposure to cryptocurrencies through equity holdings in digital asset-related companies.

Recent disclosures reveal the fund holds approximately $82 million in BitMine Immersion Technologies, a company that maintains a treasury heavily composed of Ethereum. This position provides the sovereign wealth fund with exposure to the asset without direct ownership of the cryptocurrency itself.

In addition to BitMine, the fund maintains substantial indirect Bitcoin exposure through stakes in companies such as MicroStrategy, Coinbase, and MARA Holdings. Reports indicate the fund's indirect Bitcoin holdings reached approximately 11,549 BTC in the first half of 2026, representing a significant increase from previous years. This strategy allows the $1.7 trillion fund to participate in the digital asset market via traditional capital markets and corporate treasuries.