Norway’s $2T Fund Backs Metaplanet’s $150M Plan to Scale Bitcoin Treasury
Norges Bank Investment Management (NBIM), manager of Norway’s ~$2 trillion sovereign wealth fund, publicly backed Metaplanet ahead of a 22 December extraordinary meeting, voting in favor of management’s proposals to restructure capital and enable an institutional issuance. Metaplanet will (1) reduce capital stock/reserves to free surplus funds, (2) expand authorised shares and create two preferred classes — Class A (MARS) with variable monthly dividends and Class B (MERCURY) with fixed quarterly dividends, conversion and redemption features — and (3) is authorised to use proceeds to buy Bitcoin. The company plans to raise about $150 million by issuing MERCURY to institutions and explicitly allocate proceeds for BTC purchases as it pursues an ambitious target to scale holdings toward 100,000 BTC by 2026 (up from a previously stated 30,000 BTC). NBIM holds roughly 0.3–0.49% of Metaplanet and also has positions in MicroStrategy; its public “Yes” vote is seen as institutional validation for corporate Bitcoin treasury strategies and for BTC-exposed equities. Short-term headwinds remain: Metaplanet paused BTC purchases after 29 September because market NAV (mNAV) fell below 1x, creating near-term uncertainty about immediate accumulation. For traders: watch for a planned $150m institutional issue, potential resumption of large BTC buys by a listed Asian firm, and the legitimising effect NBIM’s support may have on Bitcoin-treasury equities and investor appetite. Keywords: Metaplanet, Norges Bank, Bitcoin treasury, institutional issuance, BTC purchases.
Bullish
NBIM’s public endorsement and the planned $150 million institutional issuance that is explicitly authorised for BTC purchases create clear demand drivers for Bitcoin. Institutional validation from a ~$2T sovereign fund reduces perceived execution and governance risk around corporate treasury strategies, likely improving sentiment toward BTC and BTC-exposed equities. If Metaplanet resumes buying and successfully places MERCURY to institutions, direct BTC accumulation could exert additional upward price pressure, particularly in short to medium term when purchases occur. Short-term caveats: Metaplanet’s pause in BTC buys since 29 September and an mNAV below 1x indicate near-term uncertainty and possible delays in accumulation, which could mute immediate impact. Over the medium-to-long term, establishing an institution-ready capital engine and replicable equity instruments for BTC exposure (preferred shares convertible/redeemable) is bullish for BTC because it broadens and formalises institutional demand channels.