Norway's sovereign wealth fund boosts indirect Bitcoin holdings to record highs

Norway's massive sovereign wealth fund isn't buying tokens directly, but it's quietly amassing a huge crypto footprint through the stock market. Norges Bank Investment Management now holds an all-time high in indirect Bitcoin exposure, driven largely by its stake in MicroStrategy. K33 Research notes that the fund's 0.89% slice of Michael Saylor's firm accounts for 86% of this growth. It's a massive bet on corporate balance sheets acting as proxy ETFs. Beyond the Bitcoin maximalism of MicroStrategy, the fund recently disclosed a fresh $88 million position in Bitmine, a firm focused on Ethereum treasuries. This shift suggests the world’s largest single owner of stocks is getting comfortable with digital asset volatility, even if it prefers the wrapper of equity over private keys. As the fund increases its stakes in crypto-adjacent giants like Coinbase and Block, the line between traditional pension management and digital finance continues to blur. Will other national wealth funds follow this quiet accumulation strategy?