Sovereign investment in Bitcoin is accelerating—just not always in the most direct way. A new study has revealed that the number of people who are using Bitcoin is increasing. reportStandard Chartered Bank has confirmed that indirect exposure through Strategy (formerly MicroStrategy), is increasing quietly among government agencies, reinforcing its long-held price forecast. Bitcoin The amount of money that President Donald Trump will spend before he leaves office is 2029.
“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,” Geoffrey Kendrick wrote Standard Chartered’s Global Head of Digital Assets Research. “As more investors gain access to the asset and as volatility falls, we believe portfolios will migrate towards their optimal level from an underweight starting position in BTC.”
Q1 13F filings revealed a slowdown in direct bitcoin ETF buying—Wisconsin’s state fund exited its entire 3,400 BTC-equivalent IBIT position—while government-linked purchases of MSTR shares were on the rise. Abu Dhabi Mubadala for example, upped Kendrick believes that there is a bigger story elsewhere.
“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,” He said.
France and Saudi Arabia made their first MSTR position in Q1 Norway’s Government Pension Fund and the Swiss National Bank added 700 BTC each. U.S. pension funds in California, New York and other states added combined exposure of 1,000 BTC through MSTR. Kendrick referred to the trend “very encouraging.”
“The quarterly 13F data is the best test of our thesis that BTC will attract new institutional buyer types as the market matures, helping the price reach our USD 500,000 level,” Kendrick said. “When institutions buy Bitcoin, prices tend to rise.”
Kendrick isn’t the first to make a bullish prediction. He was bullish last month. admitted His previous $120K Q2 forecast was “too low,” citing surging inflows into U.S. spot BTC ETFs—totaling $5.3 billion over just three weeks. Kendrick then revised his year-end 2025 target from $200,000 to $20,000.
Standard Chartered’s latest analysis shows that Bitcoin’s role in institutional portfolios is maturing beyond tech volatility correlation—now increasingly seen as a macro hedge. “It is now all about flows,” Kendrick said. “And flows are coming in many forms.”
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Source: bitcoinmagazine.com
