Norway's Norges Bank Investment Management (NBIM), the world's largest sovereign wealth fund with $1.7 trillion in assets, increased its Bitcoin-related investments by 83 percent in the second quarter. The fund invests indirectly in Bitcoin through its holdings of MicroStrategy and Metaplanet, which has been dubbed “Japan’s MicroStrategy,” according to analysis by Geoffrey Kendrick, Standard Chartered’s global head of digital asset research. Kendrick stated that he reviewed the 13F filings filed with the U.S. Securities and Exchange Commission (SEC), and that NBIM increased its Bitcoin-equivalent position from 6,200 BTC to 11,400 BTC in the second quarter. He added that most of the increase was driven by Strategy (formerly MicroStrategy) shares, while an additional position of approximately 200 BTC was taken in Metaplanet. Related News: A Massive Cryptocurrency Whale Made a Large Withdrawal of This Altcoin from Binance “The key point here is that Norges uses MSTR (MicroStrategy) as a direct means of accessing Bitcoin. An 83% increase in one quarter demonstrates a proactive position,” he said. Kendrick previously published analysis indicating that government funds and public institutions are increasingly investing indirectly in Bitcoin. He also predicted in February that more sovereign wealth funds would gain exposure to Bitcoin. Kendrick, one of the most optimistic analysts on the cryptocurrency markets, last month reiterated his target for Bitcoin to reach $135,000 by September 30 and $200,000 by the end of the year. He maintains his 2028 forecast at $500,000. Kendrick also raised his year-end price target for Ethereum to $7,500, projecting $25,000 in 2028. He predicts BNB could reach $2,775, Avalanche's AVAX token $250, and XRP $12.50. According to the analyst, the total stablecoin market capitalization will approach $2 trillion by the end of 2028. *This is not investment advice. Continue Reading: Standard Chartered Publishes Report on Norwegian Sovereign Wealth Fund’s Latest Bitcoin Purchase
