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  • Norway’s $1.6 trillion wealth fund boosts indirect Bitcoin exposure by 192% in Q2 2025

    Norway’s $1.6 trillion wealth fund boosts indirect Bitcoin exposure by 192% in Q2 2025

    Norway’s $1.6 trillion wealth fund boosts Bitcoin exposure by 83% in Q2 2025

    • NBIM now holds the equivalent of 7,161 BTC through listed equities.
    • Institutional interest in Bitcoin grows through ETFs and corporate holdings.
    • The move may signal early stages of sovereign-backed Bitcoin adoption.

    Norway’s sovereign wealth fund, the largest in the world, has taken a significant step into the cryptocurrency market, increasing its Bitcoin (BTC) exposure by 192% during the second quarter of 2025.

    Norges Bank Investment Management (NBIM), which manages the country’s $1.6 trillion oil-funded portfolio, expanded its holdings from the equivalent of 2,446 BTC from the June quarter in 2024 to 7,161 BTC.

    The move underscores a broader shift among institutional investors who are using publicly listed equities and ETFs to gain exposure to the cryptocurrency market without holding digital assets directly.

    Bitcoin exposure rises through equities and ETFs

    NBIM’s largest Bitcoin exposure comes via its stake in MicroStrategy (MSTR), the biggest corporate holder of the cryptocurrency. The fund also initiated a smaller position equivalent to 200 BTC in Japan-based Metaplanet.

    These holdings are reflected in the fund’s Q2 2025 13F filings, which track institutional investments in US-listed companies.

    The data, compiled by analysts, highlights NBIM’s increased allocation to Bitcoin-linked equities during a period of growing global interest in the asset class.

    Sovereign wealth funds are typically known for their conservative, long-term investment strategies, making this level of exposure notable.

    Institutional participation strengthens

    The move by NBIM comes amid rising institutional adoption of Bitcoin, driven in part by strong inflows into Bitcoin ETFs and increased corporate interest.

    These products have made it easier for large investors to gain exposure without managing the complexities of digital asset custody.

    Industry analysts note that sovereign wealth funds and large pension managers are beginning to explore Bitcoin as part of diversified long-term portfolios.

    While NBIM has not publicly commented on its decision, the timing aligns with Bitcoin’s steady price gains over the past quarter, supported by favourable macroeconomic conditions and increased demand.

    Strategic hedge potential

    For NBIM, the Bitcoin allocation remains a small portion of its total assets, but it may serve as a hedge against currency debasement and geopolitical risks.

    Such positioning reflects a growing recognition among large investors that Bitcoin could play a role in risk-adjusted portfolio diversification.

    The increase also follows a global trend where state-backed investment vehicles cautiously test exposure to emerging asset classes, particularly those viewed as potential stores of value.

    If this allocation pattern continues, the participation of sovereign funds could have a meaningful impact on Bitcoin’s market liquidity and institutional legitimacy.

    Broader implications for sovereign-backed Bitcoin adoption

    The developments at NBIM may signal the early stages of more widespread sovereign-backed Bitcoin adoption.

    Although the current exposure is small relative to the size of the fund, the scale of sovereign wealth fund capital means even incremental moves can influence market dynamics.

    As other funds monitor NBIM’s strategy, institutional activity in Bitcoin-linked assets could increase further.

    For the cryptocurrency market, these flows represent a structural change in the investor base, moving beyond retail speculation to long-term, strategic capital from the world’s largest pools of wealth.

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  • Avalon Labs evaluating a Bitcoin-backed public debt fund

    Avalon Labs evaluating a Bitcoin-backed public debt fund

    Avalon Labs evaluating a Bitcoin-backed public debt fund

    • Avalon Labs is planning to introduce a Bitcoin-backed public fund under SEC Regulation A.
    • Avalon Labs aims to bridge traditional finance and crypto, expanding Bitcoin’s utility.
    • Avalon’s AVL token has been listed on Bybit, boosting liquidity and community governance.

    Avalon Labs has decided to explore the uncharted territory of Bitcoin-backed lending products by leveraging SEC’s Regulation A framework.

    Barely a day after Avalon Labs announced the listing of its native token, AVL, on Bybit’s Spot trading platform, the company has announced it is considering launching a Bitcoin-backed public fund under the SEC Regulation A.

    The timing of this announcement coincides with a period of economic uncertainty, with rising inflation and evolving Federal Reserve policies influencing investor sentiment.

    By providing a structured entry point into Bitcoin investment for retail investors, Avalon might just lower the entry barriers for traditional investors, thereby expanding Bitcoin’s utility and acceptance.

    Expanding Bitcoin’s reach into traditional finance

    Avalon Labs’ move is seen as an attempt to open the door for massive adoption of Bitcoin-backed products, making them accessible not just to crypto enthusiasts but also to traditional investors. The initiative aims to position Bitcoin (BTC) not just as a store of value but as a dynamic financial instrument capable of generating yield through DeFi opportunities.

    By using Regulation A, often dubbed a “mini-IPO,” Avalon Labs seeks to bypass the complexities of a full SEC registration while ensuring compliance and transparency. This approach, commonly utilized by real estate investment trusts (REITs) and private funds, could provide a structured investment vehicle for retail investors, thus bridging the gap between traditional finance and the burgeoning crypto market.

    Avalon’s native token AVL debuted on Bybit on February 12

    Parallel to this financial exploration, Avalon Labs has also solidified its token ecosystem with the listing of AVL on Bybit. This move not only enhances liquidity but also introduces the token to a broader audience.

    AVL serves as the governance token, enabling community-driven decision-making, while USDa, the Bitcoin-backed stablecoin, offers a stable, bank-independent currency for on-chain transactions.

    The integration of AVL into Bybit’s platform, coupled with the potential launch of a public debt fund, underscores Avalon Labs’ strategic approach to expanding its footprint in the DeFi and traditional finance sectors.

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  • Grayscale wants to convert its mixed-crypto fund into an ETF

    Grayscale wants to convert its mixed-crypto fund into an ETF

    Grayscale wants to convert its mixed-crypto fund into an ETF
    • Grayscale filed to convert its $524M Digital Large Cap Fund into an ETF
    • The fund includes BTC, ETH, Solana, XRP, and Avalanche among its holdings
    • This is Grayscale’s third ETF conversion after its Bitcoin and Ethereum funds

    Grayscale Investments has taken a significant step toward expanding its suite of cryptocurrency-based financial products by filing with the US Securities and Exchange Commission (SEC) to convert its Digital Large Cap Fund (GDLC) into an exchange-traded fund (ETF).

    The GDLC, which currently trades over the counter, offers diversified exposure to several leading digital assets, including Bitcoin (BTC), Ether (ETH), Solana (SOL), Ripple (XRP), and Avalanche (AVAX).

    Grayscale’s move marks a continued effort by Grayscale to make cryptocurrency investments more accessible to traditional investors.

    Grayscale’s Digital Large Cap Fund (GDLC)

    According to the company’s report, the fund has $524 million in assets under management, with a significant concentration in Bitcoin and Ethereum, making up nearly 75% and 19% of the holdings, respectively.

    The remaining portion is allocated to Solana, XRP, and Avalanche, providing investors with a balanced exposure to established and emerging cryptocurrencies.

    The third time Grayscale is converting a fund into an ETF

    If approved, the ETF would represent Grayscale’s third conversion of a fund into an ETF, following its previous transitions of Bitcoin and Ethereum funds earlier this year.

    A spokesperson from Grayscale emphasized that the filing reflects the firm’s commitment to enhancing the accessibility of the crypto asset class for mainstream investors.

    The company aims to leverage the regulatory structure of an ETF to offer a more efficient and widely accepted investment vehicle, which could attract additional interest from institutional and retail investors.

    In parallel with Grayscale’s move, the market has seen a surge in ETF filings for various crypto assets.

    Recently, Bitwise submitted an application to the SEC seeking permission to list a spot XRP ETF and Canary Capital submitted applications to list XRP and Litecoin ETFs. However, these filings have yet to receive approval, underscoring the regulatory uncertainty surrounding crypto-based ETFs in the United States.

    Grayscale’s initiative to convert GDLC into an ETF aligns with its broader strategy of offering products that bridge the gap between traditional finance and the evolving digital asset landscape.

    Alongside its proposed conversion, the firm has also introduced funds that provide exposure to XRP and the AAVE governance token, reflecting its proactive approach to navigating the competitive and regulatory dynamics of the crypto market.

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  • National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund
    • The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
    • The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
    • Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.

    The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.

    This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    National Bank of Bahrain collaborating with APR Digital

    In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.

    Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”

    This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.

    Boost for Bitcoin adoption in Bahrain

    As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.

    The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.

    Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.

    Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.

    Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.

    With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.

    As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.

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  • Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund

    Xapo Bank partners with Hilbert Group to launch $200m Bitcoin hedge fund

    • Xapo Bank and Hilbert Group will launch a Bitcoin-denominated hedge fund.
    • The BTC fund will receive an initial investment of $200 million from Xapo and other investors.

    Xapo Bank is teaming up with Hilbert Group to launch a Bitcoin (BTC)-denominated hedge fund, according to a press release on Aug. 27.

    In the announcement, Hilbert Group said the strategic partnership will involve its asset management arm Hilbert Capital and see an initial investment of over $200 million from Xapo as well as other investors.

    “Over the last 12 months, we have developed a close and strategic partnership with Xapo Bank, a veteran in the Bitcoin space and a tier-one financial institution in the digital asset space,” Niclas Sandström, CEO of Hilbert Group, said.

    He added, “Given the investment opportunity and the quality and experience of the team, we anticipate that the Fund will grow meaningfully over the next year.

    Fund to offer exposure to Bitcoin

    The newly-established BTC-denominated hedge fund will launch in September, Hilbert Group revealed in the press release. Corporates, businesses and professional investors will leverage the new fund to generate returns in bitcoin. The fund will offer institutional-grade credit arrangements that investors don’t get through direct market participation.

    Notably, the BTC-denominated fund will have fees lower than the 2% and 20% Hilbert’s other hedge funds charge.

    “We believe that offering the right products for participants in the space who are aiming not only for exposure to the Bitcoin price, but also structured ways to grow the Bitcoin value of those investments is a natural evolution of the asset class,” Joey Garcia, director of Xapo Bank commented.

    Hilbert, founded in 2018, primarily focuses on asset management of algorithmic trading strategies.

    The company also invests in blockchain and crypto related projects. Investments in the space include crypto data platform Coin360, blockchain-based self-service SaaS tool CapChap and HAYVN, a digital assets trading and custody platform.

    Meanwhile, Xapo is the first Bitcoin-enabled bank that integrates fiat with crypto. It recently announced its entry into the UK.

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  • Grayscale launches investment fund for AVAX Token, fueling market surge

    Grayscale launches investment fund for AVAX Token, fueling market surge

    Grayscale launches investment fund for AVAX Token
    • Grayscale launches Avalanche Trust, offering exclusive AVAX exposure for investors.
    • AVAX price surged to $25.16, with a nearly 9% increase in Avalanche Open Interest.
    • The new fund enhances Grayscale’s portfolio, aligning with its crypto strategy.

    Grayscale Investments, the world’s largest crypto fund manager, has announced the launch of a new investment fund dedicated to Avalanche (AVAX) token.

    Officially unveiled on August 22, the Grayscale Avalanche Trust expands the firm’s suite of over 20 crypto investment products and offers accredited investors a new avenue for exposure to Avalanche’s native cryptocurrency.

    Grayscale Avalanche Trust to provide direct access to AVAX

    Grayscale’s Avalanche Trust is a single-asset investment vehicle that operates similarly to the firm’s existing products, focusing exclusively on AVAX. Unlike Grayscale’s exchange-traded funds, this trust is available only to qualified investors and is not exchange-traded.

    The Avalanche Trust is designed to provide investors with direct access to AVAX, the token that powers Avalanche’s multi-chain smart contract platform. This platform is known for its focus on optimizing scalability, network security, and decentralization, while also facilitating the tokenization of real-world assets (RWA).

    The new fund aligns with Grayscale’s broader strategy to offer innovative investment opportunities within the evolving crypto ecosystem. It adds to Grayscale’s recent expansions, which include trusts for MakerDAO’s MKR token, Bittensor, and Sui.

    With a track record of pioneering crypto investment products, Grayscale continues to cement its position as a leading player in the digital asset space. The launch of the Avalanche Trust highlights the firm’s commitment to broadening access to emerging and impactful developments in the cryptocurrency market.

    AVAX price movements

    The announcement has had a significant impact on the market seeing it came amid other major Avalanche news including Franklin Templeton expanding its blockchain-integrated money market fund to Avalanche.

    The price of AVAX surged to a high of $25.16 before pulling back slightly to around $24.75 at press time.

    Additionally, Avalanche’s Open Interest has seen a nearly 9% increase, reflecting heightened investor interest and enthusiasm.

    Among other developments, the price surge underscores the positive reception of Grayscale’s new fund and its potential to attract substantial capital flows into the AVAX token.

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  • South Korea’s national pension fund buys $34M of MicroStrategy shares

    South Korea’s national pension fund buys $34M of MicroStrategy shares

    The National Pension Service, South Korea’s national pension fund, has reported purchases of nearly $34 million in MicroStrategy shares.

    NPS is South Korea’s largest public pension fund and the third-largest in the world with over $729 billion worth of assets.

    Wu Blockchain shared the news via X:

    Details filed with the US Securities and Exchange Commission indicate the NPS acquired 245,500 of MicroStrategy shares at a total of $33.5 million. The filing relates to the fund’s investments in the quarter ending June 30, 2024.

    According to news outlet Infomax, the National Pension Service’s investment in shares of the US-based MicroStrategy accounts for 0.04% of the fund’s total investment in US stocks.

    Apart from MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox and over $61 million in shares of Block, Inc. The fund also holds shares of AI-chip powerhouse Nvidia, and tech giants Google and Microsoft.

    MicroStrategy shares up 92% YTD

    While the MicroStrategy stock has plummeted 20% as the crypto market struggles with choppy conditions. Despite falling from highs of $180 in mid-July to currently around $131, MSTR remains more than 92% up year-to-date.

    MicroStrategy, as well as top crypto related companies such as Coinbase, are largely bullish amid growth and projections for Bitcoin. For Michael Saylor-led MicroStrategy, part of the success has come after adopting the strategy of adding BTC to its balance sheet.

    MSTR has soared alongside Bitcoin since MicroStrategy first bought BTC in 2020, the latest surge coming amid Bitcoin’s push to reclaim $60k.

    Saylor said in a recent post on X that MSTR has outperformed 499 of the 500 stocks in the S&P 500.

    The company acquired an additional 12,222 BTC in Q2, 2024, adding more than $805 million in BTC to its haul. Currently, MicroStrategy holds 226,500 BTC worth over $13 billion.

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  • Japan’s banking giant Nomura launches Bitcoin adoption fund

    Japan’s banking giant Nomura launches Bitcoin adoption fund

    • Japan’s financial giant Nomura launches Bitcoin adoption fund
    • The Bitcoin Adoption Fund is offered by Laser Digital Asset Management, a subsidiary of $500 billion Nomura.
    • Laser Digital’s new fund offers long-only exposure to Bitcoin (BTC).

    Nomura, a $500 billion Japanese investment banking giant, has launched a new Bitcoin fund for institutional investors.

    The new fund is an offering from Laser Digital Asset Management, a subsidiary of the Japanese financial behemoth and will offer institutions access to investment opportunities across the digital assets space.

    Fund offers long-term exposure to BTC

    Per details in a report by Bitcoin Magazine, the new fund is Laser Digital’s first product in a series of crypto investment solutions lined up for the growing market. Institutional investors will have access to long-only exposure to BTC.

    Sebastian Guglietta, the head of Laser Digital, noted that with technology key to the world’s economic growth, the Bitcoin adoption fund will be a crucial transformational agent for investors. According to him, providing investors with a means to gain long-term exposure to the benchmark cryptocurrency ensures they are able to capture the current macro trend.

    Laser Digital is headquartered in Switzerland and made one of its big forays into crypto via a strategic investment in Ethereum-based DeFi protocol Infinity. As CoinJournal reported, the investment happened in February this year. The company has also acquired regulatory approval as a virtual asset provider from Dubai’s regulatory agency.

    As part of the Bitcoin offering, Laser Digital is collaborating with institutional-focused digital asset custody provider Komainu. The regulated company launched in 2018, founded by Nomura, crypto hardware wallet maker Ledger, and digital assets manager Coinshares.

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  • Grayscale Bitcoin Fund up 25% this year, but discount still killing investors

    Grayscale Bitcoin Fund up 25% this year, but discount still killing investors

    Key Takeaways

    • GBTC Fund is up 25% since the start of the year, compared to a 4% rise in the underlying asset, Bitcoin
    • The discount is now back to where it was prior to the FTX collapse, at 37%
    • The discount had hit an all-time high of 50% only four weeks ago

     

    The largest Bitcoin fund in the world, the Grayscale Bitcoin Trust, has seen its value jump by 25% since the start of the year. Bitcoin, on the other hand, is only up about 4% on the year.

    This means that the discount to the underlying asset, Bitcoin, is at its smallest level in months. I had analysed the divergence in December, only four weeks ago, when the discount hit an all-time high of 50%.

    Today, the discount sits at 37%, back to where it was before the ignominious collapse of FTX.

    What is the Grayscale discount?

    Grayscale is a trust which provides an avenue for investors to gain exposure to Bitcoin without physically buying Bitcoin. This can be convenient for institutions or other entities who may not be able to participate I the Bitcoin market directly for regulatory or legal reasons.

    But Grayscale has rarely traded at the same price as its net asset value. Previously, it had traded at a premium to the underlying Bitcoin as shares surged with investors desperate to get exposure to the high-flying cryptocurrency.

    Today, however, it is the opposite – a steep discount. While there is a chunky fee of 2% that explains some of the discount, this does not come close enough to bridging a discount of 30%+ that we have seen consistently in this crypto winter.

    The SEC recently denied Grayscale’s application to convert the trust into an exchange-traded fund, spelling bearish action around the fund. There has also been the rise of more competition, with similar funds being launched, especially in Europe, and filings for Bitcoin ETFs.

    But the most significant worry was surrounding the safety of reserves. This issue grew legs after the FTX collapse, as speculation mounted that Grayscale’s parent company, Digital Currency Group (DCG), may file for bankruptcy.

    DCG is also the parent company to Genesis, which recently laid off 30% of its staff and is reportedly considering bankruptcy. Concern grew when Grayscale refused to publish a proof of reserves report, suddenly in vogue following the nefarious actions behind the scenes at FTX.

    It cited “security concerns” as the reason that this would not be possible, but analysts decried this, with it very unclear what security concerns could be ignited by the publishing of public records on the blockchain.

    Why has the discount closed?

    While the discount is still enormous at 37%, this has narrowed from the staggering 50% it reached in the aftermath of the FTX implosion.

    There has been increasing pressure on DCG to address this discount, with calls from within the industry that the trust should allow investors to redeem their holdings, which would allow them to realise the full value of the Bitcoin they hold. This clamour may have helped narrow the gap somewhat.

    One hedge fund, Fir Tree, even launched a lawsuit against Grayscale, demanding that the company either lower its fees or allow redemptions such that the discount can be closed.

    But like everything in crypto right now, macro also has a part to play. The year has begun with crypto prices rising off increased optimism that inflation may have peaked. This follows a relatively serene month or so in crypto markets.

    The discount widened to a large degree in the aftermath of the FTX crash because people feared contagion and the chips were still falling. Similar to the peg on Tether slipping when the UST crisis occurred.

    Now that normal service has somewhat resumed, the discount has narrowed. Unfortunately for investors, it is still a staggering 37% off the net asset value. In a year where Bitcoin itself has plummeted, layering in a discount on top of that torrid price action is the last thing investors needed…

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