Specific pension funds in Scandinavian countries (Denmark and Sweden) have been selling or divesting significant portions of their U.S. Treasury holdings, though this is not a full-scale “dumping” by the governments themselves or all institutions in the region. These moves are by large private pension funds, driven by concerns over U.S. fiscal sustainability (rising debt and deficits), policy unpredictability under the current administration, and broader geopolitical tensions (e.g., U.S. interest in Greenland affecting Denmark).

Key Details on the Sales:

• Denmark – AkademikerPension: This pension fund announced in January 2026 that it would sell its entire ~$100 million holding in U.S. Treasuries by the end of January (or early February). The fund cited “poor U.S. government finances,” unsustainable budget deficits, and increased credit risk as the primary reasons. While U.S.-Denmark tensions over Greenland have been mentioned in coverage, the fund emphasized fiscal concerns over direct political retaliation.
• Sweden – Alecta: Sweden’s largest private pension fund revealed it had sold the majority of its U.S. Treasury holdings over the past year (starting early 2025), amounting to roughly $7.7–$8.8 billion (based on reports from initial holdings of around 100 billion SEK). The chief investment officer pointed to reduced policy predictability, large U.S. budget deficits, and growing macroeconomic risks in the U.S.

Other mentions include:

• Some reports note additional Danish funds (e.g., PFA Pension, Lærernes Pension) reducing U.S. Treasury exposure in 2025, though not fully exiting.
• Broader North European investors (including some Swedish insurers like Folksam) have reassessed or trimmed U.S. assets amid geopolitical risks.

Important Context:

• These are not official government actions by Denmark, Sweden, or other Scandinavian countries (Norway has not been prominently reported in similar moves). Scandinavian governments themselves are not “dumping” Treasuries en masse.
• The sales are relatively small in the grand scheme of global Treasury holdings (foreign investors hold trillions overall), but they signal growing caution among European institutional investors.
• No evidence of widespread “Scandinavia” as a bloc selling off—it’s specific funds responding to the same macro worries echoed by figures like Larry Fink (U.S. debt risks) and amid transatlantic frictions.
• Market impact so far appears limited: U.S. Treasury demand remains robust overall, though these stories have fueled discussions on X about potential contagion (e.g., from Japan or China) or shifts toward alternatives like tokenized assets.

This trend highlights eroding confidence in U.S. sovereign debt among some foreign holders, but it’s isolated to these pension funds rather than a broad Scandinavian exodus. If more funds follow, it could add upward pressure on U.S. borrowing costs.