Global oil giants Norway and the United Arab Emirates (UAE) are diversifying their sovereign wealth funds (SWFs) by investing in Bitcoin (BTC).
Norway’s Government Pension Fund Global, also known as the “Oil Fund,” has increased its Bitcoin exposure by 21.2% in the first half of 2026 and by 60.5% over the past year. Managed by Norges Bank Investment Management (NBIM), the fund holds $2.3 trillion in total assets. The latest report reveals that Norway now holds a record high of 11,549 BTC, valued at approximately $725 million. The fund’s indirect Bitcoin exposure is primarily through leading Bitcoin treasury Strategy, with $1.18 billion worth of MSTR stock, and holdings in firms like Coinbase and MARA Holdings.
On the other hand, sovereign funds in the UAE’s Abu Dhabi have invested a total of $764 million in BlackRock’s Bitcoin ETF (IBIT). Mubadala Investment Company and Al Warda Investments own 14.7 million and 8.2 million shares, respectively. These investments reflect a long-term commitment to Bitcoin, as the funds have been increasing their exposure for the past five quarters.
Both Norway and the UAE’s investments indicate a growing trend among institutions and traditional investment vehicles to make indirect bets on Bitcoin. This approach eliminates compliance, custody, and operational challenges associated with direct Bitcoin holdings. BlackRock’s spot Bitcoin ETF has experienced significant growth, attracting over 1,560 institutional clients with inflows reaching $61.17 billion.
While BlackRock’s ETF has been successful, MicroStrategy (MSTR) has faced a 72.6% decline in the past year due to Bitcoin-related volatility. Despite this, regulatory filings show that the top institutional shareholders have collectively increased their positions by $4.6 billion.
In conclusion, Norway and the UAE’s investments in Bitcoin showcase a shift towards indirect exposure to the cryptocurrency, highlighting the evolving landscape of institutional investment in the digital asset space.