Government entities increased their strategy holdings (MSTR), a bitcoin
Proxy, in the first quarter according to the new data of the United States Stock Exchange and Securities Commission (SEC), the Standard Chartered Investment Bank (Stan) in a research report on Tuesday.
In some cases, “MSTR holdings of government entities reflect the desire to obtain Bitcoin exposure where local regulators do not allow BTC’s direct holdings,” Geoff Kendrick, head of digital asset research at Standard Chartered in Standard Chartered.
The strategy, which was a pioneer in the Bitcoin Treasury model, where companies have cryptography in their balance sheet as a reserve asset, currently has 576.230 BTC for a value of around $ 59 billion to current market prices.
The Bank said that both the Pension Fund of the Government of Norway and the National Bank Swiss (SNB) increased their strategy holdings for the equivalent of 700 Bitcoin in the first quarter.
The National Pension Service of South Korea and the Korean Investment Corporation expanded its participations for a combined 700 BTC equivalent, according to the report.
State retirement funds in the United States, including California, New York and North Carolina, added to the equivalent of 1,000 Bitcoin, said the bank.
The AP funds in Sweden and Landesbank in Liechtenstein grew their holdings of mstr marginally, the bank said.
The Caisse des dépôts et consignments of France (CDC) and the Saudi Central Bank added a small position in MSTR for the first time, said Standard Chartered.
The direct possession data of the Bitcoin Exchange (ETF) Fund were “disappointing” in the first quarter, the report added.
The bank said that the most recent 13F data support its central thesis that Bitcoin will reach $ 500,000 before President Trump leaves the position since the cryptocurrency attracts to a broader range of institutional buyers.
Read more: The strategy expands Bitcoin Holdings with the last multimillionaire purchase
