- Norway’s wealth fund raised its bitcoin-equivalent exposure to 11,400 BTC in Q2 from 6,200 BTC.
- Standard Chartered says the increase is mainly via MicroStrategy shares with about 200 BTC equivalent in Metaplanet.
Norway’s Government Pension Fund Global increased its bitcoin-linked exposure by 83 percent in the second quarter of 2025 to the equivalent of 11,400 BTC, up from 6,200 BTC, according to an analysis cited by Standard Chartered.
The fund manages about 1.7 trillion dollars in assets, making it the world’s largest sovereign wealth vehicle.
Standard Chartered reported that Norway’s Government Pension Fund Global increased its Bitcoin-related holdings by 83% in the second quarter, raising its exposure from the equivalent of 6,200 BTC to 11,400 BTC. The position is almost entirely through MicroStrategy, with an…
— Wu Blockchain (@WuBlockchain) August 17, 2025
NBIM lifts bitcoin-linked exposure to 11,400 BTC in Q2
Standard Chartered’s digital assets research team said the move was identified through a review of quarterly regulatory filings, which capture positions in bitcoin-sensitive equities and related vehicles.
The analysis attributes the increase to additions that raise the fund’s indirect exposure rather than direct purchases of bitcoin on balance sheet.
The position is concentrated in MicroStrategy, the US-listed software company whose shares act as a high beta proxy for bitcoin because of its large treasury holdings.
Standard Chartered added that the portfolio also includes an estimated two hundred BTC equivalent through Metaplanet, the Tokyo-listed firm that has been acquiring bitcoin as part of its corporate strategy.
Standard Chartered analysis highlights MicroStrategy as primary channel
The bank’s research note frames the second-quarter change as a proactive adjustment by Norges Bank Investment Management, the manager of the fund, based on aggregated disclosures in 13F and similar filings.
The methodology focuses on holdings in MicroStrategy and Metaplanet to approximate bitcoin exposure for institutions that do not hold spot bitcoin directly.
MicroStrategy remains the largest publicly traded corporate holder of bitcoin, a factor that magnifies the sensitivity of its equity to movements in the cryptocurrency and makes it a common vehicle for institutions seeking indirect exposure.
Metaplanet has also expanded its balance sheet allocation and is tracked as a secondary conduit for equity-based exposure.
The increase by Norway’s fund extends a pattern in the first half of 2025 in which sovereign and public investors added to bitcoin-linked positions through listed companies instead of spot exchange-traded products.
Standard Chartered’s earlier work identified this accumulation trend across government and quasi-sovereign entities and flagged MicroStrategy as the dominant route for such allocations.
For market participants, the disclosure clarifies where marginal institutional demand is being expressed and which equities are acting as the transmission channel.
It also underscores that reported exposure reflects equity positions whose bitcoin sensitivity can differ from holding the asset directly due to corporate financing choices and treasury management policies.
At the time of this update, Bitcoin is trading at exactly $115,346.00, reflecting a decline of $2,682.00, which equates to a -2.27% drop from the previous close. The intraday trading range spans from a low of $115,008.00 to a high of $118,519.00.
