According to Geoffrey Kendrick, Global Head of Digital Assets Research at Standard Chartered Bank, the Norwegian Government Pension Fund (NBIM, the world's largest sovereign wealth fund managing $1.7 trillion in assets) significantly increased its Bitcoin-related exposure in the second quarter of 2025, with a total holding equivalent to approximately 11,400 Bits, an 83% increase from the previous quarter.
This sovereign fund, known as the "most conservative whale", has indirectly raised its position, becoming the latest symbol of the intersection between traditional finance and the crypto world.
Indirect Increase: Entering Bitcoin through Stocks
Geoffrey Kendrick states that NBIM has not directly purchased Bitcoin, but instead concentrated on holding two Bitcoin concept stocks: Strategy (formerly MicroStrategy) from the US and Metaplanet from Japan.
These two companies actively incorporate Bitcoin into their balance sheets, with stock prices closely linked to cryptocurrency prices, thus becoming a bridge for large institutions' indirect allocation. Additionally, NBIM also holds shares in mining company Marathon Digital, payment company Block, and exchange Coinbase, with its portfolio covering infrastructure and service supply chains to diversify the risk of single cryptocurrency price fluctuations.
Institutional Effect: Will the Herd Follow?
NBIM's move is interpreted in the market as "firing the first shot". Large pension funds, sovereign funds, and endowment funds have always observed each other, and when the "most risk-averse" members take the first step, other funds tend to accelerate their follow-up. Kendrick further predicts:
Bitcoin price may reach $200,000 by the end of 2025 and touch $500,000 by 2028.
Potential Concerns and Prospects
However, it must be noted that if Bitcoin experiences a sharp decline in the future, the stock prices of companies like Strategy and Metaplanet may fluctuate more dramatically, potentially amplifying the impact on the fund's net value. For general investors, NBIM's approach provides a mirror: to capture the potential of innovative assets, one must first assess the composite risks of different investment channels and then seek an allocation proportion that matches their risk tolerance.
In the coming years, the dynamics of sovereign funds and pension funds will become an important indicator for observing Bitcoin trends and regulatory landscapes.
