Norges Bank Investment Management, which manages Norway's sovereign wealth fund, had indirect Bitcoin exposure of 11,549 BTC at the end of the first half of 2026, a record level that was up 21.2% in the half and 60.5% from a year earlier, according to K33 Research. The exposure was worth about 6.7 billion kroner, or $676 million, at June 30 and was driven largely by listed companies that hold Bitcoin on their balance sheets rather than by direct purchases from the fund itself. Strategy accounted for 9,914 BTC-equivalent, or 85.8% of the total, with smaller contributions from Metaplanet, MARA Holdings, Coinbase and Block, while Tesla, GameStop, Galaxy Digital, Bullish and other positions made up most of the remainder. The fund also disclosed a new stake in BitMine Immersion Technologies, adding indirect Ethereum exposure through a company that held 5.70 million ETH as of June 28, and separately showed a SpaceX stock holding for the first time.