What to know:
- Government bodies have been quietly stuffing their portfolios with Strategy, a sort of bitcoin-in-a-fancy-hat, in the first quarter, according to the bank (who presumably wore a monocle while saying so).
- Standard Chartered claims MSTR holdings by government entities are a cunning way to get a taste of bitcoin without actually touching the stuff—because local regulators are apparently allergic to direct BTC ownership.
- The latest 13F data is waving its arms and shouting that bitcoin will hit $500,000 before President Trump leaves office. (No word on whether this prediction comes with a free hat.)
In a move that would make even the most seasoned Discworld patrician raise an eyebrow, government entities have increased their holdings of Strategy (MSTR), which is basically bitcoin’s respectable cousin who wears a tie, according to fresh scrolls from the U.S. Securities and Exchange Commission (SEC). Standard Chartered (STAN), who presumably have a wizard on staff, revealed this in a research report on Tuesday.
Sometimes, “MSTR holdings by government entities reflect a desire to gain bitcoin exposure where local regulators do not allow direct BTC holdings,” wrote Geoff Kendrick, head of digital assets research at Standard Chartered, possibly while wearing a pointy hat and muttering about regulatory alchemy.
Strategy, the pioneer of the “let’s put crypto on the balance sheet and see what happens” model, currently sits atop a hoard of 576,230 BTC—worth about $59 billion at today’s prices. That’s enough gold to make even Ankh-Morpork’s guilds jealous.
The bank noted that Norway’s Government Pension Fund and the Swiss National Bank (SNB) both increased their Strategy holdings by the equivalent of 700 bitcoin in the first quarter. Apparently, Scandinavian restraint does not apply to digital treasure.
The South Korean National Pension Service and Korea Investment Corporation joined the party, expanding their holdings by another 700 BTC equivalent. One can only imagine the boardroom conversation: “Should we diversify?” “Yes, but make it mysterious.”
Meanwhile, U.S. state retirement funds from California, New York, and North Carolina added the equivalent of 1,000 bitcoin. Because nothing says “secure retirement” like a dash of digital volatility.
AP Funds in Sweden and Landesbank in Liechtenstein nudged their MSTR holdings up ever so slightly—perhaps just enough to say they were there if anyone asks at parties.
France’s Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank both tiptoed into MSTR for the first time. Standard Chartered noted this with all the excitement of someone discovering a new species of paperwork.
On the other hand, bitcoin ETF direct holding data was described as “disappointing” for the first quarter. The report did not specify whether it was disappointing in a “forgotten your umbrella in a thunderstorm” way or more of a “your dragon has eaten your homework” way.
The bank insists that the latest 13F data supports its grand thesis: bitcoin will soar to $500,000 before President Trump leaves office, as institutional buyers flock like wizards to a sale on pointy hats. Whether this prophecy comes true or not, one thing is certain—there’s never a dull moment when governments start dabbling in magic coins. 🪙✨
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2025-05-20 16:38