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.

Even more, the funds’ Bitcoin exposure has been increasing in the past five consecutive quarters since Q4 2024, showing long-term commitment rather than a chase of short-term gains.

The indirect Bitcoin bets trend

The above investments point to an increasing trend among institutions and traditional investment vehicles to place indirect bets on Bitcoin. Investing in Bitcoin holdings companies eliminates the compliance, custody, and operational difficulties associated with direct BTC holdings.

As a result, BlackRock’s spot Bitcoin ETF has experienced record-breaking growth in the past year, making it the world’s most dominant investment vehicle of its kind. The firm now boasts over 1,560 institutional clients with inflows surging to $61.17 billion.

Source: CoinGlass

In contrast, MSTR has plummeted 72.6% in the past year due to Bitcoin-associated volatility. 

Source: MarketWatch 

Nonetheless, recent regulatory filings show that 13 of the top 15 institutional shareholders actively boosted their positions by a combined total of $4.6 billion.