Prominent oil nations, Norway (ranking as the 12th largest oil producer worldwide) and the United Arab Emirates (UAE; holding the 9th position) are progressively increasing their investments in Bitcoin (BTC) through their sovereign wealth funds (SWFs).
Norway’s Government Pension Fund Integrates Bitcoin
Recent reports indicate that Norway’s Government Pension Fund Global, widely referred to as the “Oil Fund,” has raised its Bitcoin holdings by 21.2% in the first half of 2026 and by 60.5% over the past year.
Managed by Norges Bank Investment Management (NBIM), this fund is the largest sovereign wealth fund in the world, amassing $2.3 trillion in assets.
The latest report highlights that Norway now owns a record total of 11,549 BTC, with a current value of approximately $725 million. The fund’s Bitcoin strategy is primarily linked to its indirect exposure via MicroStrategy (MSTR) stock, which composes 81% or $1.18 billion of its Bitcoin-related investments. Additional shares are held in firms including Coinbase and Marathon Digital Holdings (MARA).
UAE Allocates Sovereign Funds to BlackRock’s Bitcoin ETF
In parallel, Abu Dhabi’s sovereign funds in the UAE have collectively invested $764 million in BlackRock’s Bitcoin ETF (IBIT).
Recent SEC 13F filings reveal that Mubadala Investment Company and Al Warda Investments hold 14.7 million shares (worth approximately $565.6 million) and 8.2 million shares, respectively. For Mubadala, this marks a 16% rise from the 12.7 million shares it possessed at the close of 2025.
Furthermore, these funds’ Bitcoin investments have grown consistently for five quarters in a row since Q4 of 2024, reflecting a long-term strategy rather than short-term speculation.
Emerging Trend of Indirect Bitcoin Investments
These trends in investment highlight a growing pattern among institutions and traditional investment entities opting for indirect exposure to Bitcoin. By investing in companies that hold Bitcoin, they avoid the complexities related to compliance, custody, and operational challenges of direct Bitcoin ownership.
Consequently, BlackRock’s spot Bitcoin ETF has seen unprecedented growth over the past year, establishing itself as the leading investment product of its type globally. The firm now caters to over 1,560 institutional investors, with inflows reaching $61.17 billion.
Source: CoinGlass
In contrast, MSTR shares have declined by 72.6% over the last year, highlighting the volatility often linked with Bitcoin.
Source: MarketWatch
Despite this, recent regulatory disclosures indicate that 13 of the largest 15 institutional shareholders have collectively increased their holdings by an impressive $4.6 billion.
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