Oil to Bitcoin: Norway and UAE Boost Wealth Funds via MSTR and BlackRock

Global oil giants Norway (the 12th-largest global oil producer) and the United Arab Emirates (UAE; the 9th-largest global oil producer) are increasingly exposing their sovereign wealth funds (SWFs) to Bitcoin (BTC).

Norway state-owned fund invests in Bitcoin

A recent disclosure shows that Norway’s Government Pension Fund Global, also known as the “Oil Fund,” increased its Bitcoin exposure by 21.2% in H1 2026, and by 60.5% in the past year. 

Managed by Norges Bank Investment Management (NBIM), the fund is the largest of its kind in the world, with $2.3 trillion in total assets. 

The latest report brings Norway’s total holdings to an all-time high of 11,549 BTC (worth about $725 million at press time). Leading Bitcoin treasury Strategy dominates the fund’s indirect Bitcoin exposure at 81%, or $1.18 billion worth of MSTR stock. The rest of the BTC-related stake is held in firms such as Coinbase and MARA Holdings.

UAE invests sovereign funds in BlackRock’s IBIT

Meanwhile, sovereign funds in the UAE’s Abu Dhabi hold a combined $764 million in BlackRock’s Bitcoin ETF (IBIT). 

According to recent SEC 13F filings, Mubadala Investment Company and Al Warda Investments own 14.7 million ($565.6 million) and 8.2 million shares, respectively. For Mubadala, the latest figures represent a 16% increase from the 12.7 million shares held at the end of 2025.