Norway’s $2 Trillion Sovereign Fund Throws Weight Behind Metaplanet’s Bitcoin Treasury Strategy

Giant whale makes a splash. Norway's colossal sovereign wealth fund, the world's largest, has officially backed Metaplanet's controversial proposal to add Bitcoin to its corporate treasury. This isn't just a nod—it's a seismic endorsement from traditional finance's most conservative quarters.

The Institutional Stamp of Approval

Forget the crypto bros in hoodies. When a $2 trillion fund built on oil and gas revenue signals support, the narrative shifts. This move validates Bitcoin's growing role as a strategic treasury reserve asset, not just a speculative gamble. It tells CFOs and boardrooms worldwide that the conversation has moved from 'if' to 'how.'

Pressure on the Old Guard

The endorsement bypasses years of skeptical hand-wringing from legacy banks. It cuts directly to a new playbook for corporate balance sheets—one where digital scarcity meets institutional risk management. Other sovereign funds and pension giants are now on the clock, watching to see who follows suit and who gets left holding depreciating fiat.

A New Chapter for Capital

This isn't merely an investment. It's a signal flare. The world's most patient capital is positioning for a financial system where Bitcoin plays a foundational role. The proposal's backing suggests a calculated, long-term bet on digital gold over the shaky promises of endless monetary printing—a quiet but devastating critique of modern central banking, dressed up as asset allocation.

Stock market performance and market conditions

Metaplanet’s stock had been highly volatile over the previous year. According to Yahoo Finance, the closing value of the stock is 404 yen, up 1.51% from the previous day, and virtually unchanged from a year ago.

Initially, the stock traded at reasonably low prices, reflecting a lack of momentum and low market activity. Nonetheless, market sentiment altered towards the end of spring, resulting in a sharp rise from below 500 yen to almost 1,900 yen.

After peaking, the stock entered a steady decline, losing most of its gains by early autumn. Prices fell below 1,000 yen and continued downward through July and August, reflecting consistent selling pressure. 

By late autumn, trading calmed, with prices moving mostly between 350 and 500 yen. Consequently, this consolidation period indicates reduced investor activity and stabilization after earlier volatility. By year-end, the stock settled around 400 yen, marking a slight one-year decline of under 1%.

Norway’s bitcoin exposure

Norway’s sovereign fund has particularly shown an increased interest in cryptocurrencies. In August, the fund showed a 192.7% rise in its indirect holdings in Bitcoin-related assets amounting to $862.8 million.

As per K33 Research, this constitutes 7,161 BTC with investment in Strategy, Metaplanet, and Coinbase. Additionally, the fund has increased its holding in Strategy beyond 11.9 billion Norwegian krone, up by 133% from 2024, while the holding in Coinbase surged by more than 96%.

NBIM's indirect BTC exposure has hit new ATHs of 7,161 BTC.

This is my favorite chart to update whenever the world's largest sovereign wealth fund discloses holdings. It efficiently shows that BTC is finding its way into any well-diversified portfolio, deliberate or not. pic.twitter.com/oLLtTMwhux

Yet, it is still limited by laws when it comes to investing directly in Bitcoins using sovereign or state-controlled funds. Therefore, Norway employs an indirect method of investing through corporate bonds, ETFs, or proxy companies to benefit from investing in cryptocurrencies.

As of writing, according to CoinMarketCap, Bitcoin was trading at $86,864.17 with a 24-hour trading volume of $37,474,004,548. The top cryptocurrency is down 0.25% in the last 24 hours and 8% in the past month.

Norway’s support adds weight to Metaplanet’s plans and could help the company move forward. Investors may view it as a sign that large institutions are taking corporate bitcoin strategies more seriously. It also shows that traditional financial players are finding ways to get involved in cryptocurrency within regulated frameworks.

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