Norway's $2 trillion sovereign wealth fund supports Metaplanet, marking a key endorsement for Bitcoin treasury strategy

Recently, Norway’s Government Pension Fund Global (NBIM) expressed clear support for Tokyo-listed company Metaplanet, drawing significant market attention. As one of the largest sovereign wealth funds in the world, managing assets close to $2 trillion, NBIM cast all five management proposals at Metaplanet’s Extraordinary General Meeting (EGM) in favor, which is regarded as an important endorsement of the “Bitcoin Treasury Strategy.”

Metaplanet is often referred to by the market as the “Asian version of Strategy (formerly MicroStrategy),” focusing on a corporate treasury management model centered around Bitcoin. Currently, NBIM holds approximately 0.3% of Metaplanet’s shares and explicitly recognizes Bitcoin’s legitimacy and long-term value as a corporate asset allocation tool. This stance indicates that NBIM is no longer a passive holder but actively supports the company’s aggressive capital strategy centered on Bitcoin.

The five proposals approved aim to enhance capital structure flexibility and accelerate Bitcoin accumulation. The plans include reducing share capital and reserves to free up funds, expanding authorized share capital, and launching new classes of preferred stock. Among them, Class A preferred stock (MARS) is a perpetual security offering floating monthly dividends, increasing financing capacity without diluting common shareholders; Class B preferred stock (MERCURY) features fixed quarterly dividends, conversion rights, and redemption rights, better meeting institutional investors’ dual needs for stable returns and potential Bitcoin upside.

Metaplanet also plans to raise approximately $150 million from institutional investors through the issuance of MERCURY shares and has received explicit authorization to use the funds to increase Bitcoin holdings. This series of initiatives is seen as building an “institutional-grade, scalable Bitcoin financing machine.” If the strategy proceeds smoothly, Metaplanet is expected to become one of the largest global holders of Bitcoin, second only to Strategy under Michael Saylor.

Notably, NBIM has long been deeply involved in the Bitcoin treasury model by holding about 1.05% of Strategy’s shares, and its stake in Metaplanet has increased from around 0.3% mid-year to nearly 0.49%. The market generally interprets this as the Norwegian fund deploying an indexed approach to “Bitcoin-supported stocks” worldwide, viewing it as an emerging investable asset class.

However, Metaplanet recently suspended Bitcoin purchases starting from late September, possibly due to its market value net asset value (mNAV) falling below 1. The upcoming special shareholder meeting is seen as a critical point for the company to decide whether to resume expansion. Although the goal of increasing Bitcoin holdings to 100,000 coins by 2026 remains uncertain, with sovereign fund backing, Metaplanet’s Bitcoin strategy is entering a new phase.