Norway’s Sovereign Wealth Fund Backs bitcoin-holdings-to-35102-btc-how-does-this-affect-sharehol">Metaplanet’s Bitcoin Strategy Ahead of EGM

Norway’s Government Pension Fund Global (GPFG) has officially endorsed Metaplanet’s proposal to allocate up to 5% of its portfolio to Bitcoin via a regulated ETF ahead of an Extraordinary General Meeting (EGM) scheduled for January 2026. This marks the first major institutional backing of a cryptocurrency investment strategy by the fund, signaling a notable shift in the stance of one of the world’s largest sovereign wealth funds on digital assets.

What happened

In December 2025, Norges Bank Investment Management (NBIM), the asset management arm of Norway’s Sovereign Wealth Fund, issued a formal voting recommendation supporting Metaplanet’s Bitcoin investment plan. The proposal involves increasing Bitcoin exposure through a newly launched Bitcoin Exchange-Traded Fund (ETF), with an allocation capped at 5% of Metaplanet’s overall portfolio. This endorsement was communicated publicly ahead of the company’s EGM, where shareholders will vote on the proposal in January 2026.

Historically, the GPFG has maintained a cautious approach towards cryptocurrencies, citing concerns over regulatory uncertainty and the volatility inherent in digital assets. Prior public statements and annual reports from Norges Bank underscored these reservations, making the recent endorsement a first of its kind for the fund. The move was noted by independent media outlets such as the Financial Times and Bloomberg, which framed the support as a potential watershed moment for institutional crypto adoption.

According to Metaplanet’s 2025 Q4 investor presentation and ETF prospectus filings, the Bitcoin strategy aims to leverage the potential long-term value and diversification benefits of digital assets within a regulated framework. Both the Financial Times and Bloomberg analyses interpret the fund’s backing as reflecting growing institutional confidence in regulated crypto investment vehicles, particularly ETFs, which offer a structured and compliant means of exposure to Bitcoin.

Why this matters

The endorsement by Norway’s Sovereign Wealth Fund, one of the largest and most influential sovereign wealth funds globally, signifies a structural shift in institutional attitudes toward cryptocurrencies. It suggests that digital assets, once widely regarded as too volatile and uncertain for sovereign investors, are increasingly being viewed as legitimate components of diversified portfolios—provided that exposure is managed through regulated and transparent instruments.

This development could have broader policy implications. The fund’s support may encourage other sovereign wealth funds and large institutional investors to reevaluate their crypto policies, potentially accelerating the integration of digital assets into mainstream sovereign investment strategies. Both the Financial Times and Bloomberg highlight this potential ripple effect, suggesting that Norway’s move could serve as a precedent, especially in an environment of persistently low yields and inflation concerns that drive demand for alternative diversification.

Furthermore, the emphasis on a regulated ETF structure underscores the importance of regulatory clarity and risk management frameworks in institutional crypto adoption. The fund’s historically conservative stance, combined with a modest proposed allocation of up to 5%, indicates a measured and experimental approach rather than a wholesale embrace of cryptocurrencies. This nuance points to a growing recognition of crypto’s risks alongside its potential benefits.

What remains unclear

Despite the confirmed endorsement, several critical questions remain unanswered based on the available disclosures and reporting. Notably, there is no public information detailing the specific risk management frameworks Norges Bank has implemented to monitor and mitigate Bitcoin’s volatility and regulatory risks. The internal decision-making process behind the endorsement has not been disclosed, leaving gaps in understanding how the fund balances crypto exposure against its broader portfolio objectives and risk tolerance.

Additionally, it is unclear how the fund’s governance and ethical investment guidelines will adapt to challenges unique to crypto assets, such as environmental considerations related to Bitcoin mining and concerns about market manipulation. The potential impact of evolving regulatory environments in Norway and internationally on the sustainability of this crypto strategy is also not addressed in the current disclosures.

The long-term implications for global financial stability remain speculative, as does the likelihood of other sovereign wealth funds following Norway’s lead. Quantitative data on how the Bitcoin allocation might affect the fund’s overall risk-return profile has not been made available, limiting the ability to assess the financial impact of this strategic shift.

What to watch next

The outcome of Metaplanet’s Extraordinary General Meeting in January 2026, where shareholders will vote on the Bitcoin allocation proposal.
Disclosures from Norges Bank Investment Management on risk management practices and governance adaptations related to crypto exposure, if and when they are published.
Regulatory developments in Norway and key international jurisdictions that may influence the viability and compliance of regulated Bitcoin ETFs.
Any public updates on the Bitcoin ETF’s performance and regulatory compliance following approval, including transparency measures required from Metaplanet.
Reactions and policy shifts from other sovereign wealth funds and large institutional investors in response to Norway’s endorsement.

While Norway’s Sovereign Wealth Fund’s endorsement of Metaplanet’s Bitcoin strategy represents a significant institutional milestone, key details about risk management, governance, and regulatory adaptation remain undisclosed. The broader impact on sovereign investment policies and global financial stability will depend on forthcoming decisions, disclosures, and market developments that are yet to unfold.

Source: https://www.coindesk.com/markets/2025/12/17/norway-sovereign-wealth-fund-supports-metaplanet-bitcoin-plan-ahead-of-egm-vote. This article is based on verified research material available at the time of writing. Where information is limited or unavailable, this is stated explicitly.