Norges Bank Investment Management, also known as Norway’s Government Pension Fund Global and the world’s largest sovereign wealth fund with $1.7 trillion in assets, boosted its bitcoin-linked holdings by 83% in the second quarter, according to Standard Chartered’s global head of digital assets research, Geoffrey Kendrick.
Kendrick said he analyzed the latest 13F filings with the U.S. Securities and Exchange Commission for companies holding bitcoin exchange-traded funds, Strategy (formerly MicroStrategy, ticker MSTR), and Metaplanet, often called “Japan’s MicroStrategy.” He noted that the standout detail in the second quarter was Norges Bank Investment Management’s increased exposure to both MicroStrategy and Metaplanet.
In Q2, Norges raised its bitcoin-equivalent exposure from 6,200 BTC to 11,400 BTC — an 83% increase — Kendrick said. He added that the position remains almost entirely in Strategy, with a small addition of around 200 BTC-equivalent in Metaplanet.
“The point here is that Norges is using MSTR as a way to gain exposure to the underlying,” Kendrick told The Block in additional comments. “The increase in one quarter (83%) has to be a proactive position.”
Government holdings ‘000 BTC equivalent
“Data is positions in MSTR unless otherwise noted.” Source: Standard Chartered
MicroStrategy is the largest publicly traded corporate holder of bitcoin, with 628,946 BTC worth nearly $74 billion at current prices. Metaplanet is currently the seventh-largest, with 18,113 BTC valued at over $2 billion.
Kendrick’s Q2 update on 13F filings follows his earlier May analysis, which showed that sovereigns and government entities were boosting their indirect exposure to bitcoin in Q1 by largely buying shares of Strategy. In February, he predicted that more sovereign wealth funds would gain exposure to bitcoin.
Kendrick has been one of the most bullish voices on crypto. Last month, he raised his forecast for bitcoin to $135,000 by Sept. 30 and reiterated a $200,000 year-end target. His 2028 projection stands at $500,000.
Beyond bitcoin, Kendrick recently raised Ethereum’s year-end price target to $7,500 (from $4,000) and sees it hitting $25,000 by 2028 (from $7,500). He expects BNB to reach $2,775 by 2028, Avalanche’s AVAX token to climb to $250 by 2029, and XRP to rise to $12.50 by 2028. He also forecasts stablecoin adoption to surge, with the total market approaching $2 trillion by the end of 2028.
© 2025 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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