23-5-2025 – Standard Chartered Bank has observed a notable surge in government entities’ indirect exposure to bitcoin during the opening quarter of 2025, with sovereign funds increasingly turning to MicroStrategy Inc. (MSTR) shares as a pathway to cryptocurrency investment, according to fresh analysis that bolsters the institution’s ambitious projection of bitcoin reaching $500,000 by the conclusion of Donald Trump’s anticipated second presidency in 2029.
Geoffrey Kendrick, who serves as the bank’s global head of digital assets research, highlighted in Tuesday’s report how regulatory limitations preventing direct cryptocurrency holdings have prompted pension funds and government bodies to embrace MSTR as an alternative route to bitcoin exposure, drawing evidence from US Securities and Exchange Commission 13F regulatory filings.
The findings reveal a stark contrast between direct bitcoin exchange-traded fund activity and institutional MSTR acquisition patterns during the first quarter. Whilst direct bitcoin ETF purchases demonstrated lacklustre performance—exemplified by the State of Wisconsin Investment Board’s complete withdrawal from its 3,400 BTC-equivalent position in BlackRock’s IBIT—MSTR purchasing activity experienced remarkable institutional momentum.
Abu Dhabi’s sovereign wealth fund Mubadala modestly expanded its IBIT holdings, whilst a coalition of international players including Norway, Switzerland, South Korea, and various American state retirement schemes collectively accumulated over 2,000 BTC worth of MSTR-equivalent exposure.
The entry of France and Saudi Arabia into MSTR positions represents their inaugural foray into such investments, demonstrating expanding global institutional appetite for cryptocurrency exposure through traditional equity markets.
Kendrick interpreted these investment patterns as validation of Standard Chartered’s forecast that escalating institutional participation will drive bitcoin towards the half-million-dollar threshold. Beyond bitcoin, the analyst has projected substantial appreciation for BNB, AVAX, and XRP through 2029, whilst moderating expectations for ether to $4,000 by the following year.
