The latest holdings report from Norway's sovereign wealth fund, the world's largest, NBIM, has been released, and the presence of MicroStrategy (stock code MSTR) has attracted considerable attention. According to data, as of December 2025, the fund holds approximately 2.98 million shares of MSTR, corresponding to a market value of about $1.18 billion.

Why is this worth discussing? Frankly, the fact that institutional funds like the Norwegian Central Bank choose to indirectly allocate BTC by holding MSTR shares actually reflects an interesting phenomenon. On one hand, they remain cautious about crypto assets, opting for an indirect approach rather than direct holdings. On the other hand, this kind of allocation itself indicates their recognition of Bitcoin's long-term value—this contradictory attitude is quite representative among traditional large-scale investors.

From a broader perspective, the continuous entry of sovereign funds into the crypto ecosystem brings real capital, which helps improve market liquidity structures and enhance long-term stability. More importantly, it signals that institutional acceptance of crypto assets is gradually increasing, and the integration between traditional finance and the crypto market is deepening. In the future, we are likely to see more sovereign funds adopting similar indirect strategies to enter the crypto space.