NBIM Indirect BTC Exposure
Tracking the world's largest sovereign wealth fund's indirect Bitcoin exposure through public company holdings.
Data as of H1 2026 | Updated from NBIM public disclosures
Historical Trends
NBIM's indirect BTC exposure has surged with back-to-back years of 150%+ growth in 2024-2025.
Indirect BTC Exposure Over Time
NOK Equivalent Value
Top Contributors to BTC Exposure
Public companies that contribute most to NBIM's indirect Bitcoin holdings.
By BTC Amount (H1 2026)
Exposure Distribution
Indirect BTC as % of NBIM Portfolio
BTC Exposure Per Capita (NOK)
Why we track this
Our motivation for monitoring NBIM's indirect BTC exposure is to highlight how Bitcoin is advancing into mainstream finance, leading any well-diversified portfolio to obtain some exposure, deliberately or not. While short-term price action can be volatile, the growth trend underscores strong underlying institutional adoption of BTC.
It's important to note that this exposure, in all likelihood, is not a deliberate measure from the fund but rather a consequence of its broadly diversified portfolio. Still, it represents one of the clearest examples of Bitcoin's advance into mainstream finance. Any broadly diversified investor likely now holds modest BTC exposure through proxies, and with the accelerating BTC treasury trend, this phenomenon will only continue to materialize.
Complete Company Holdings Data
NBIM's indirect BTC exposure by company (measured in BTC)
| Company | 2020 | 2021 | 2022 | 2023 | H1 2024 | 2024 | H1 2025 | 2025 | H1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Strategy (MSTR) | 768.1 | 1,144.4 | 0.0 | 1,267.3 | 2,014.3 | 3,214.1 | 6,219.6 | 7,801.0 | 9,914.1 |
| Metaplanet | — | — | — | — | — | 9.7 | 60.5 | 593.2 | 670.8 |
| Marathon Digital (MARA) | 0.0 | 49.6 | 81.1 | 0.0 | 152.0 | 315.2 | 531.6 | 617.7 | 421.1 |
| Coinbase (COIN) | 0.0 | 0.6 | 34.3 | 46.5 | 78.7 | 80.6 | 137.8 | 155.7 | 183.5 |
| Block Inc. (SQ) | 27.8 | 35.3 | 75.5 | 87.5 | 102.9 | 97.8 | 87.8 | 105.4 | 120.3 |
| Tesla (TSLA) | 0.0 | 282.9 | 84.6 | 95.3 | 92.3 | 106.9 | 110.8 | 104.0 | 97.2 |
| GameStop (GME) | — | — | — | — | — | — | 33.0 | 41.9 | 54.2 |
| Galaxy Digital | — | — | — | — | — | — | — | 25.5 | 40.0 |
| Bullish | — | — | — | — | — | — | — | 75.3 | 24.3 |
| SpaceX | — | — | — | — | — | — | — | — | 9.4 |
| Nexon | 0.0 | 9.3 | 9.1 | 6.9 | 3.8 | 7.6 | 5.7 | 10.1 | 6.4 |
| Hut 8 | — | — | — | — | — | — | — | — | 3.5 |
| Bitmine Immersion | — | — | — | — | — | — | — | — | 2.4 |
Aggregated Metrics
| Metric | 2020 | 2021 | 2022 | 2023 | H1 2024 | 2024 | H1 2025 | 2025 | H1 2026 |
|---|---|---|---|---|---|---|---|---|---|
| Total Indirect BTC | 796 | 1,549 | 286 | 1,507 | 2,446 | 3,839 | 7,194 | 9,530 | 11,549 |
| NOK Value (millions) | 198 | 631 | 47 | 648 | 1,638 | 4,081 | 7,769 | 8,411 | 6,694 |
| USD Value (millions) | 23 | 72 | 5 | 64 | 153 | 358 | 771 | 834 | 676 |
| NOK per Capita | 37 | 117 | 9 | 118 | 297 | 735 | 1,394 | 1,500 | 1,188 |
| % of Portfolio | 0.002% | 0.005% | 0.0004% | 0.004% | 0.009% | 0.021% | 0.040% | 0.040% | 0.030% |