Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund with a staggering $1.7 trillion in assets, has significantly increased its indirect holdings of Bitcoin. According to new analysis, the fund, managed by Norges Bank Investment Management, boosted its Bitcoin-linked exposure by 83% during the second quarter of this year.
The insight comes from Geoffrey Kendrick, the global head of digital assets research at Standard Chartered. After analyzing the latest 13F filings with the U.S. Securities and Exchange Commission, Kendrick identified Norges Bank’s growing position as the most standout detail of the quarter. The fund is gaining this exposure not by purchasing Bitcoin directly, but by investing in publicly traded companies that hold large amounts of the cryptocurrency on their balance sheets.
In his analysis, Kendrick noted that Norges Bank increased its Bitcoin-equivalent holdings from approximately 6,200 BTC to 11,400 BTC in Q2. This substantial jump was achieved almost entirely through its investment in MicroStrategy (ticker: MSTR), with a smaller addition of around 200 BTC-equivalent via Metaplanet, a firm often referred to as “Japan’s MicroStrategy.”
“The point here is that Norges is using MSTR as a way to gain exposure to the underlying [Bitcoin],” Kendrick explained. “The increase in one quarter (83%) has to be a proactive position.”
This strategy allows traditional financial giants like Norges Bank to gain a foothold in the digital asset market through regulated, familiar investment vehicles. MicroStrategy is the largest corporate holder of Bitcoin, with 628,946 BTC (worth nearly $74 billion), while Metaplanet is the seventh-largest, holding 18,113 BTC (valued at over $2 billion).
The Q2 increase is not an isolated event but part of a larger trend. Kendrick’s previous analysis in May revealed that sovereign and government entities were already boosting their indirect Bitcoin exposure in Q1, largely by purchasing MicroStrategy shares. His latest findings confirm that this institutional interest is not only sustained but accelerating.
Kendrick, a prominent bullish voice in the crypto space, has long predicted the entry of sovereign wealth funds into the market. His optimism extends to price targets, with a forecast for Bitcoin to reach $135,000 by the end of September, a year-end target of $200,000, and a projection of $500,000 by 2028. His bullish outlook also covers other major digital assets, including Ethereum (ETH), BNB, Avalanche (AVAX), and XRP, alongside a prediction for the stablecoin market to approach $2 trillion by 2028.
The proactive move by the world’s largest sovereign wealth fund serves as a powerful signal of the growing acceptance of Bitcoin as a legitimate asset class within the highest echelons of global finance.
