Norway’s sovereign wealth fund increased its bitcoin exposure by 83% in Q2 2025, according to Standard Chartered.

Norges Bank Investment Management, which manages Norway’s Government Pension Fund Global, raised its bitcoin-equivalent holdings from 6,200 BTC to 11,400 BTC.

Most of this exposure is through shares in MicroStrategy, a US-based firm known for its large bitcoin holdings, with a smaller position in Japan-based Metaplanet.

MicroStrategy reportedly holds 628,946 BTC, while Metaplanet holds 18,113 BTC.

Kendrick’s analysis, based on recent 13F filings with the US Securities and Exchange Commission, highlights a trend of sovereign and government entities gaining indirect bitcoin exposure by investing in companies that hold the cryptocurrency.

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🔗 Source: The Block

🧠 Food for thought

1️⃣ Sovereign funds adopt indirect strategies to navigate crypto restrictions

Norway’s approach reveals how major institutional investors work around regulatory barriers to gain Bitcoin exposure.

The fund increased its Bitcoin-equivalent holdings by 83% in one quarter entirely through MicroStrategy shares, avoiding direct cryptocurrency purchases that would violate current investment mandates1.

This strategy mirrors moves by other sovereign funds. For instance, Abu Dhabi’s Mubadala invested $437 million in Bitcoin through BlackRock’s ETF, making it their second-largest investment at over 2% of total assets2.

The indirect approach allows these funds to maintain compliance while gaining significant crypto exposure.

Norway’s fund alone represents 1.5% ownership in all listed companies globally, so their MicroStrategy position creates substantial market impact through traditional equity markets rather than direct crypto exchanges1.

2️⃣ The speed and scale signal strategic positioning beyond passive investing

The 83% quarterly increase in Bitcoin exposure suggests deliberate strategy rather than incidental market tracking.

As Standard Chartered’s Geoffrey Kendrick noted, “The increase in one quarter (83%) has to be a proactive position” given the fund’s systematic approach to asset allocation[original article].

This timing aligns with Bitcoin Spot ETFs attracting over $102 billion in assets in 2024, creating new institutional access channels that sovereign funds are actively utilizing3.

The pattern extends beyond Norway. Bhutan’s sovereign fund has been mining Bitcoin since 2019 and held over $1 billion worth by February 2025, while multiple other sovereign funds have begun similar positioning4.

These moves represent a significant shift in how the world’s largest pools of institutional capital view Bitcoin as a strategic asset class.

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