Norway’s $1.6 Trillion Giant Just Backed Metaplanet’s Bitcoin Treasury Strategy

In a move that sends shockwaves through both traditional finance and crypto circles, the Norwegian Sovereign Wealth Fund—the world's largest—has thrown its weight behind Metaplanet's radical proposal to hold Bitcoin on its corporate balance sheet.

The Institutional Stamp of Approval

Forget retail hype. This isn't about Elon Musk tweets or meme coin mania. This is cold, hard institutional validation from a fund that manages Norway's entire oil wealth. Their endorsement signals a seismic shift in how the most conservative capital allocators view digital gold. It's a direct challenge to the old guard's treasury management playbook.

Why This Changes Everything

Metaplanet's strategy isn't just about buying Bitcoin. It's a blueprint for corporate treasuries to hedge against currency debasement and tap into a non-correlated asset. The Norwegian fund's backing effectively bypasses years of regulatory hand-wringing and skeptical analyst reports. It tells every CFO on the planet that holding crypto isn't fringe—it's forward-thinking. Suddenly, holding only cash and bonds looks like the risky bet.

The New Corporate Playbook

Watch for a domino effect. Other multinationals with stagnant cash reserves will now face shareholder pressure to explain why they aren't following Metaplanet's lead. The proposal, now backed by one of finance's most revered institutions, provides legal and strategic cover. It turns Bitcoin from a speculative tech bet into a legitimate treasury asset—arguably one with better long-term fundamentals than most sovereign debt, which is currently backed by little more than promises and printing presses.

A Quiet Revolution

This isn't a flashy product launch. It's a quiet, powerful re-architecting of corporate finance from the inside. The Norwegian fund's move cuts through the noise, offering a masterclass in how to adopt disruptive technology without the hype. It proves that the smart money isn't just watching crypto—it's starting to build the infrastructure for its mass adoption, while the usual Wall Street chorus debates whether it's a 'real asset' or not. Sometimes, the most profound revolutions begin with a simple vote of confidence from the last place you'd expect.

NBIM backs 5 of 5 of Metaplanet’s proposals

Thank you for the support ! 🇳🇴 pic.twitter.com/MriPT1OrVM

— Dylan LeClair (@DylanLeClair) December 17, 2025

The announcement from the $2 trillion fund has caused Metaplanet’s stock to bounce more than 1.51% on Wednesday to $2.60 (404 JPY). The firm’s stock also rebounded nearly 15% during previous sessions, driven by the bounce back of its mNAV above 1.

According to Metaplanet’s director for bitcoin Strategy, Dylan LeClair, the fund seems confident in Metaplanet’s strategy of accumulating Bitcoin. Norges Bank revealed that it supports Metaplanet’s proposal to approve capital reduction and accounting transfers. The fund also backed the firm’s proposal to amend Articles to increase Authorized Capital for Class A and B Shares.

NBIM said it approves the Japanese firm’s proposal to amend the Articles to amend provisions on Class A and B Shares. The bank also supports the approval issuance of Class B Shares for private placement.

The BTC treasury firm already surpassed its target of accumulating 21,000 Bitcoin by 2026. The fund’s backing could also boost the Japanese firm’s aims to accumulate 210,000 BTC by the end of 2027. Metaplanet’s goal has led to its shareholders approving proposals to raise capital through the issuance of preferred shares to fund its Bitcoin accumulation strategy.

BitcoinTreasuries.com data revealed that Metaplanet currently holds 30,823 Bitcoin in its balance sheet, worth more than $2.68 billion. The firm ranks fourth among the top public Bitcoin Treasury companies, with Strategy leading the pack with 671,268 BTC in its holdings. MARA Holdings and Twenty One Capital follow with approximately 53,250 BTC and 43,250 BTC, respectively.

Metaplanet introduces a new two-tier capital structure

*Notice Regarding the Acquisition and Cancellation of the 20th–22nd Series Stock Acquisition Rights,
and the Issuance of the 23rd and 24th Series Stock Acquisition Rights (with Exercise Price Adjustment Provisions and Exercise Suspension Provisions) through Third-Party Allotment… pic.twitter.com/Mej0eAx5Rs

— Metaplanet Inc. (@Metaplanet) November 20, 2025

Late last month, Metaplanet shifted its strategy and introduced a new two-tier capital structure that works on the MARS and MERCURY stocks. The firm revealed that MARS pays an adjustable monthly dividend while MERCURY pays a fixed dividend rate of 4.9% annually. MARS also has no conversion rights into common stock, but MERCURY comes with the option to convert common stock at a rate of 1,000 JPY per share.

Cryptopolitan previously reported that Metaplanet is sitting on paper losses, driven mainly by the recent market downturn that saw Bitcoin drop to $80,000. The Bitcoin Treasury firm had purchased the digital asset at an average price of $108,036. At the time of publication, on-chain data indicated that Bitcoin was trading at $87,150, down more than 5.3% over the last 7 days.

On-chain data revealed that Strategy’s stock price had plummeted nearly 55% from BTC’s October peak and had dropped 63% from its mid-July level. According to BitcoinTreasuries.com, more than 70 other corporate Bitcoin holders have also seen the value of their assets drop below cost basis.

“Investment vehicles for Bitcoin have exploded across both retail and institutional markets, fundamentally expanding access. However, the nuances matter in terms of how people want to express leverage and to what degree they want to hedge their exposure.”

-John D’Agostino, Head of Strategy at Coinbase Institutional.

Despite the losses, the Japanese firm recently announced plans to raise $150 million to fund additional BTC purchases. Metaplanet has fully transitioned from the strategy it began with in the first stage of its journey, which was raising cash by issuing common stock warrants. 

The firm’s first approach to raising funds for BTC accumulation caused dilution for existing common shareholders. Metaplanet shifted its strategy in 2025 and introduced a range of convertible and non-convertible preferred share classes.

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