Étienne Girard
Norway’s Government Pension Fund Global, managed by Norges Bank Investment Management (NBIM), has significantly deepened its exposure to bitcoin during the second quarter. According to Geoffrey Kendrick, Standard Chartered’s global head of digital assets research, the world’s largest sovereign wealth fund — with $1.7 trillion in assets under management — increased its bitcoin-linked investments by 83%.
Kendrick, who analyzed the latest 13F filings submitted to the U.S. Securities and Exchange Commission, found that Norges primarily grew its stake in MicroStrategy (MSTR), while also adding a smaller position in Metaplanet, often referred to as “Japan’s MicroStrategy.”
By the end of Q2, Norges Bank’s exposure rose from the equivalent of 6,200 BTC to 11,400 BTC, with roughly 200 BTC-equivalent attributed to Metaplanet. Kendrick emphasized that such a rapid increase highlights a deliberate and proactive investment strategy.
Sovereigns Increasing Bitcoin Exposure
MicroStrategy remains the largest corporate holder of bitcoin, with over 628,000 BTC worth nearly $74 billion. Meanwhile, Metaplanet has climbed to seventh place globally with more than 18,000 BTC valued at over $2 billion.
Kendrick noted that Norges Bank’s activity aligns with a broader trend. Earlier filings revealed that sovereign funds and government entities are using companies like MicroStrategy to gain indirect exposure to bitcoin, rather than purchasing the cryptocurrency directly.
Bold Forecasts for Bitcoin and Altcoins
Kendrick has been one of the most bullish voices in the crypto sector. In recent projections, he raised his short-term target for bitcoin to $135,000 by September 30, with a year-end forecast of $200,000. His longer-term outlook sees bitcoin reaching $500,000 by 2028.
Beyond bitcoin, Kendrick also raised his expectations for altcoins:
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Ethereum (ETH): $7,500 by end of 2025, and $25,000 by 2028
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BNB: $2,775 by 2028
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Avalanche (AVAX): $250 by 2029
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XRP: $12.50 by 2028
He also projects that stablecoin adoption will surge, with the total market potentially hitting $2 trillion by 2028.
