Norges Bank Investment Management Backs Metaplanet: A Strategic Move in Bitcoin Accumulation
Norges Bank Investment Management (NBIM), the steward of Norway’s substantial $2 trillion sovereign wealth fund, has made significant waves in the investment landscape by supporting Metaplanet, a Tokyo-listed company often referred to as “Asia’s MicroStrategy.” Ahead of its Extraordinary General Meeting (EGM) on December 22, NBIM, which owns approximately 0.3% of Metaplanet, has publicly expressed strong alignment with the company’s bold Bitcoin-centric treasury strategy. This move marks a notable shift where NBIM endorses the Bitcoin Treasury Model as a credible and legitimate corporate strategy.
Understanding the Backing for Metaplanet
NBIM’s endorsement comes as Metaplanet prepares to implement five pivotal management proposals aimed at fortifying its capital structure and enhancing its Bitcoin accumulation efforts. These proposals are not mere administrative changes; they are substantial measures designed to optimize the company’s financial framework, ensuring a robust foundation for its long-term success. By approving these changes, NBIM is stepping away from passive investment and joining aggressively in favor of Metaplanet’s strategy.
The Proposals and Their Implications
The five proposals endorsed by NBIM center around major structural changes intended to strengthen Metaplanet’s capital base. Firstly, Metaplanet plans to reduce its corporate capital stock and reserves, thus freeing up surplus funds which can be redirected towards dividends, share buybacks, or further Bitcoin purchases—all without affecting the current share count. Secondly, the company intends to expand its authorized shares and introduce new preferred share classes, providing greater latitude for future capital raises.
A key element of this initiative is the introduction of two new classes of shares. Class A shares (MARS) are set to be issued as perpetual senior securities that offer variable monthly dividends. This approach not only provides investors with attractive yields but also protects current shareholders from dilution. Meanwhile, Class B shares (MERCURY) are designed as a dedicated capital engine with fixed quarterly dividends and the potential to convert into Bitcoin-linked returns, appealing particularly to institutional investors looking for stable and predictable revenues.
Funding Expansion and Aggressive Bitcoin Holdings
To further bolster its position, Metaplanet aims to raise $150 million through the issuance of MERCURY shares to institutional investors, with explicit spending approval for Bitcoin acquisitions. This robust capital inflow could establish Metaplanet as a formidable player in the global Bitcoin space, potentially becoming one of the largest holders of Bitcoin, second only to Michael Saylor’s MicroStrategy. Such a transformation could dramatically reshape the company’s financial profile, especially amidst fluctuating market conditions.
Norges Bank’s Strategic Position in Bitcoin
Norges Bank’s strategic ambitions are increasingly evident as it has also invested heavily in Bitcoin treasury models through MicroStrategy, holding approximately 1.05% of the company as of late 2025, valued at over $1.1 billion. The gradual increase of NBIM’s stake in Metaplanet, from 0.3% to about 0.49%, highlights its commitment to index-weighting Bitcoin treasuries on a global scale. By supporting both MicroStrategy in the U.S. and Metaplanet in Asia, NBIM is clearly indicating its belief that Bitcoin-backed equities constitute a new, viable asset class for institutional investors.
Market Dynamics and Challenges Ahead
Despite this endorsement, there are broader concerns as Metaplanet has paused its Bitcoin acquisitions since September 29. Many analysts attribute this halt to a decline in its Market-to-Net Asset Value (mNAV), which has fallen below the crucial 1x mark. Thus, the upcoming EGM will be pivotal for Metaplanet, as it reveals whether the company can maintain its ambitious goal of scaling from 30,000 to 100,000 Bitcoin by 2026. Although uncertainties linger, Metaplanet’s balance sheet remains resilient, showcasing its capability to weather market vicissitudes.
Conclusion
In summary, Norges Bank’s backing of Metaplanet reflects a strategic, long-term approach to accumulating Bitcoin, demonstrating the evolution of the Bitcoin Standard within a corporate structure listed in Asia. Metaplanet is laying the groundwork for institutional-grade infrastructure to enhance its Bitcoin holdings, navigating through market cycles with resilience. This endorsement is not only a testament to Metaplanet’s vision but also signifies a growing recognition of Bitcoin as a significant player in the global investment landscape. As these developments unfold, investors and stakeholders will keenly observe how this partnership influences the future of cryptocurrency investments.
