Sovereign Funds Quietly Load Up on Bitcoin via MicroStrategy, Says Standard Chartered

Standard Chartered believes sovereign wealth funds and government-linked institutions are increasingly turning to indirect strategies to gain Bitcoin exposure—supporting the bank’s bold forecast of BTC reaching $500,000 before 2029.

In a report shared with The Block, the bank highlights a surge in institutional interest in MicroStrategy (MSTR) stock, which many investors treat as a proxy for holding Bitcoin. Regulatory hurdles in some regions appear to be steering entities toward equity-based exposure rather than direct BTC holdings.

Q1 filings revealed modest increases in spot Bitcoin ETFs, but MSTR ownership told a different story. Public institutions from Norway, Switzerland, and South Korea, as well as U.S. state pension funds in California, New York, and North Carolina, added MSTR to their portfolios.

New participants included France and Saudi Arabia, marking their first steps into Bitcoin-related assets.

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Geoffrey Kendrick, head of digital asset research at Standard Chartered, views these moves as validation of his long-term BTC outlook. As institutional adoption broadens and volatility subsides, he expects portfolios to adjust accordingly—boosting prices over time.

The report also updates the bank’s broader crypto forecasts: BNB is expected to reach $2,775 by 2028, XRP could climb to $12.50, while Ethereum’s 2025 target has been revised to $4,000. Standard Chartered also projects the stablecoin market to swell to $2 trillion by the end of the decade.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.