Norway’s massive sovereign wealth fund has disclosed roughly $428 million in holdings of Strategy and BitMine, giving the world’s largest sovereign wealth fund indirect exposure to both Bitcoin and Ethereum.
The investments were revealed through the fund’s latest holdings disclosures and highlight how major institutional investors can gain exposure to cryptocurrencies without directly purchasing the digital assets.
A significant portion of the exposure comes through Strategy, the business formerly known as MicroStrategy that has made Bitcoin accumulation a central part of its corporate strategy. The Norwegian fund’s investment in Strategy therefore gives it indirect exposure to Bitcoin through the company’s share price.
The fund has also disclosed a newly revealed position in BitMine Immersion Technologies, which held millions of Ether as part of its corporate treasury strategy. Norway’s fund owned about 6.15 million BitMine shares valued at approximately $81.9 million as of June 30.
This means the Norwegian Government Pension Fund Global is gaining exposure to two of the cryptocurrency market’s biggest assets—Bitcoin and Ethereum—without holding either cryptocurrency directly.
The development is particularly notable because Norway’s sovereign wealth fund is one of the world’s largest institutional investors. The fund was valued at roughly $2.3 trillion earlier this year and holds stakes in thousands of companies globally.
Its growing exposure to crypto-linked companies comes as digital assets become increasingly embedded in mainstream financial markets. Rather than making a direct bet on Bitcoin or Ethereum, the fund’s holdings provide exposure through publicly traded companies whose valuations are closely connected to cryptocurrency prices and adoption.
The Strategy investment represents the larger part of the fund’s indirect Bitcoin exposure, while the newly disclosed BitMine position brings Ethereum into the picture.
The move does not necessarily mean Norway has adopted a direct cryptocurrency investment strategy. The sovereign fund largely operates within a broad, diversified global portfolio, meaning individual holdings can provide indirect exposure to emerging sectors without representing a standalone bet on a particular asset.
Still, the size of the disclosed positions underscores the growing presence of cryptocurrency-related businesses in institutional portfolios.
For the crypto market, Norway’s disclosure is another sign that Bitcoin and Ethereum exposure is increasingly finding its way into traditional investment portfolios—even when investors choose to access the market through publicly traded companies rather than buying the digital assets themselves.
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