Norway's Sovereign Wealth Fund Doubles Down On Bitcoin Via MSTR, Metaplanet Investments

Norway's sovereign wealth fund sharply increased its indirect Bitcoin BTC/USD holdings in the second quarter, according to a Standard Chartered analysis of U.S. SEC 13F filings.

Geoffrey Kendrick, head of digital assets research at Standard Chartered, said Norges Bank Investment Management, which manages the country's sovereign wealth fund, grew its Bitcoin-equivalent exposure from 6,200 BTC to 11,400 BTC, an 83% increase from the previous quarter.

The position remains concentrated in shares of Strategy MSTR, with a smaller addition of roughly 200 BTC equivalent via Japanese-listed Metaplanet MTPLF.

The data, compiled from recent 13F filings, show sovereign and state-linked institutions expanding indirect Bitcoin exposure through public equities rather than spot ETFs.

In the same period, Switzerland added 700 BTC equivalent, bringing its total to 2,300 BTC equivalent, and South Korea added the same amount, raising its total to 1,300 BTC equivalent.

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In the U.S., state-level holdings also increased, with California, New York, North Carolina, and Kentucky collectively adding 1,000 BTC equivalent for a combined 3,300 BTC equivalent.

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The Saudi Central Bank established a very small position for the first time.

The latest quarter's changes build on a trend identified in earlier filings, Kendrick noted.

In May, 13F data showed Norway, Switzerland, South Korea, several U.S. states, and Saudi Arabia among the entities adding to MicroStrategy holdings.

The Bitcoin ETF segment was comparatively muted in Q2, with Wisconsin selling 3,400 BTC equivalent and Abu Dhabi adding 300 BTC equivalent to reach a total of 5,000 BTC equivalent.

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