Key Takeaways
- Norway’s sovereign wealth fund raised bitcoin exposure by 83% in Q2 2025.
- Majority of holdings tied to MicroStrategy shares, with small Metaplanet stake.
- Standard Chartered’s Geoffrey Kendrick forecasts bitcoin at $200K by year-end.
Norway’s $1.7 Trillion Wealth Fund Expands Bitcoin Holdings
Norges Bank Investment Management (NBIM), Norway’s $1.7 trillion sovereign wealth fund, has raised its bitcoin holdings by 83% in the second quarter of 2025, essentially widening its exposure to the crypto asset, as per the statement of Standard Chartered’s Geoffrey Kendrick.
In the mentioned quarter, NBIM converted its bitcoin exposure equivalent to turning 6,200 BTC into 11,400 BTC. From the perspective of the increase, Kendrick named MicroStrategy (MSTR) shares as the main source of the exposure with a minor increment of around 200 BTC-equivalent in the Japanese bitcoin-holding firm Metaplanet.
According to Kendrick, the condition of the upsurge sends a signal of a deliberate strategy, where fat cash from sovereign wealth funds is turning to fiat companies such as MicroStrategy to get a foothold in the bitcoin market without direct buying.
Sovereigns Increasingly Favor Bitcoin Exposure
In simple terms, MicroStrategy is the single most significant company whose stock is on the public market, and that holds bitcoin directly. The company has approximately 628,000 BTC on its balance sheet, worth about $74 billion. On the other hand, Metaplanet is ranked seventh globally, with 18,113 BTC (approximately $2 billion) in its kitty.
So, looking at Q2 data, Kendrick sees the trend of sovereign funds not directly buying crypto but rather relying on company shares to gain exposure as a major thematic going forward. He mentions this after he has already predicted that other such institutions would choose this route over direct purchases of cryptocurrencies.
Beyond bitcoin, Kendrick remains bullish on crypto markets, forecasting bitcoin could reach $135,000 by September and $200,000 by year-end, with a long-term target of $500,000 by 2028. He also raised9 forecasts for Ethereum ($7,500 by year-end, $25,000 by 2028) and sees major upside for BNB, Avalanche, and XRP, alongside a surge in stablecoin adoption.
Summary
Norway’s Norges Bank Investment Management has deepened its bet on bitcoin, boosting exposure by 83% in Q2, largely through MicroStrategy shares. Standard Chartered’s Kendrick views the move as a strong signal of sovereign interest in bitcoin, reinforcing his bullish outlook for the broader crypto market.
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