Standard Chartered Bank's report indicates that sovereign investment in Bitcoin is increasing, though not always directly. It reveals a shift towards indirect exposure via Strategy (formerly MicroStrategy) among government entities. The bank maintains a bullish outlook, predicting Bitcoin could hit $500,000 by 2029. Recent 13F filings from the SEC show a downturn in direct Bitcoin ETF buying, yet investments in MSTR shares are on the rise, especially among sovereign wealth funds. This trend demonstrates a calculated approach to Bitcoin amid regulatory challenges, signaling a maturation of institutional interest in digital assets.
The latest 13F data from the U.S. Securities and Exchange Commission (SEC) supports our core thesis that Bitcoin (BTC) will reach the $500,000 level before Trump leaves office as it attracts a wider range of institutional buyers.
We believe that in some cases, MSTR holdings by government entities reflect a desire to gain Bitcoin exposure where local regulations do not allow direct BTC holdings.
Abu Dhabi's Mubadala, for instance, upped its IBIT exposure to 5,000 BTC equivalent, but Kendrick says the bigger story is elsewhere.
Kendrick called the trend "very encouraging" as the quarterly 13F data is showing new institutional buyer types supporting the price increase.
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