Sovereine wealth funds and state institutions are increasingly choosing to get Bitcoin (BTC) exposure via Strategy (MSTR) instead of BTC Exchange-Traded Funds (ETFs), according to Standard Chartered’s Head of Digital Assets, Geoffrey Kendrick.
In an investor report that was published on 20 May, Kendrick said that regulatory registrations show that increased MSTRbelangen drove most of the sovereign Bitcoin accumulation in the past quarter, even when direct ETF activity remained flat in general.
The archives confirm speculation that the sovereign interest in Bitcoin grows every quarter, with countries start building exposure in different ways.
Indirect exposure to the increase
Kendrick noted that although the headlines were focused on the 3,400 BTC equivalent ETF exit of Wisconsin, the real momentum came from governments and public institutions that bought equity in strategy, which now owns 576,230 BTC.
Regulatory archives show that Norway, Switzerland and South Korea were among the most active buyers in MSTR in the first quarter, and collectively added more than 1,600 BTC equivalent of exposure via MSTRS shares.
In the US, state pension funds in California, New York and North Carolina also added 1,000 BTC equivalent via MSTR. This is in contrast with Wisconsin, who has divested its ETF exposure.
In the meantime, Abu Dhabi raised his direct ETF exposure with 300 BTC equivalent, which brought the total to 5,000 BTC, and the central bank of Saudi Arabia made its very first appearance with a small allocation.
Kendrick said that the 13F archives show that institutional investors are increasingly using MSTREN as a structural bridge to Bitcoin markets.
He added that the attraction of the strategy is in its unique positioning as a livered proxy for Bitcoin, especially for allocators limited by operational or regulatory barriers to keep digital assets directly.
Wider implications
Despite the general sovereign ETF positions that remain unchanged, compensated by the output of Wisconsin, the standard chartered viewed is the net increase in exposure to MSTR as a bullish signal.
The movements correspond to the long -term opinion that Bitcoin could reach $ 150,000 by the end of this year under a broader institutional integration and $ 500,000 at the end of President Donald Trump’s current term in 2028.
Standard Chartered said in his report:
“The newest 13F data … support our core thesis that Bitcoin (BTC) will reach the level of $ 500,000 before Trump leaves the office because it attracts a broader range of institutional buyers.”
The report also noted that ETF and MSTR positions have now surpassed 100,000 BTC in combined quarterly companies, which enhances the growing presence of Bitcoin in traditional portfolios.
As geopolitical uncertainty and inflation persist, sovereign entities seem to experiment with Bitcoin as a store of value, albeit carefully and often indirectly.
Kendrick concluded the memorandum by suggesting that the details and diversity of 13F Bitcoin-related archives “continue to improve”, indicating deeper market penetration and data granularity in future disclosures.
