Norwegian Wealth Fund Deepens Bitcoin Exposure Through MSTR

Norway’s Government Pension Fund Global, the world’s largest sovereign wealth fund managed by Norges Bank Investment Management (NBIM), has expanded its exposure to Bitcoin (BTC)

Instead of buying the coin directly, the fund has done so by holding shares in companies that own large Bitcoin reserves. As the world’s largest sovereign wealth fund, its latest move has drawn attention from the crypto world and traditional finance alike.

A Sharp Rise in Bitcoin-Linked Holdings

Standard Chartered’s Geoffrey Kendrick recently spotlighted Norges’s latest financial moves. Kendrick reported that the bank boosted its Bitcoin-linked holdings by 83% in Q2 of 2025

He found this information by analyzing recent 13F filings with the U.S. Securities and Exchange Commission (SEC). The filings showed that the Norges Bank increased its indirect Bitcoin exposure from 6,200 BTC to 11,400 BTC in just three months.

Almost all of this increase came from shares in Strategy’s MSTR. Also, Metaplanet added another 200 BTC, equivalent to the total. Kendrick stressed that such a dramatic rise did not just happen. It is a result of a clear and intentional move by the fund’s managers.

Using Strategy and Metaplanet as Gateways

Instead of holding the top coin directly, NBIM has opted to gain exposure through well-known Bitcoin-focused companies

Strategy, led by Michael Saylor, currently owns over 628,000 BTC, worth nearly $74 billion at today’s prices. This makes the U.S.-based firm the single largest publicly traded corporate holder of Bitcoin

Metaplanet, often described as “Japan’s MicroStrategy,” has followed a similar path. It holds more than 18,000 BTC, valued at $2 billion, placing it among the top ten corporate holders. This strategy of holding these firms’ shares has allowed Norges Bank to benefit from Bitcoin’s growth without holding the asset outright.

Kendrick’s analysis of the Q2 2025 builds on an earlier report he released in May. He highlighted a rise in sovereign and government-related investors buying shares of Bitcoin-heavy companies

He had previously predicted that more sovereign wealth funds would join this trend in 2025. This forecast is now being realized with NBIM’s latest move.

Standard Chartered Analysts Give Bold Crypto Price Predictions

Beyond his analysis of sovereign investment activity, Kendrick has also been one of the most bullish analysts on crypto prices. He recently raised his price target for Bitcoin, predicting it could reach $135,000 by September 2025, $200,000 by year-end, and $500,000 by 2028.

His outlook for other digital assets is similarly bullish, expecting BNB to rise to $2,775 by 2028, Avalanche (AVAX) to hit $250 by 2029, and XRP price to climb to $12.50 by 2028. At the same time, he foresees the stablecoin market’s total adoption to nearly $2 trillion by 2028.

Ethereum (ETH) has also featured prominently in his forecasts. He now expects the second-largest cryptocurrency to hit $7,500 by year-end, rising to $25,000 by 2028.

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