Government-Backed Funds Turn to Strategy (MSTR) for Bitcoin Exposure Amid Regulatory Hurdles, Finds Standard Chartered
In an environment where direct bitcoin ownership is restricted by local regulations, government-backed investors are increasingly acquiring shares of Strategy (MSTR) to gain indirect exposure to the cryptocurrency, according to a new report from Standard Chartered (STAN) released Tuesday.
Data from the U.S. Securities and Exchange Commission (SEC) shows a notable uptick in Strategy holdings by government entities during the first quarter of 2025. Geoff Kendrick, head of digital assets research at Standard Chartered, explained, “MSTR holdings by government bodies often reflect a workaround for jurisdictions that do not permit direct bitcoin holdings.”
Strategy, the company that pioneered the corporate bitcoin treasury model, holds approximately 576,230 BTC—worth about $59 billion at current market prices—on its balance sheet.
The report highlights several key institutional moves: Norway’s Government Pension Fund and the Swiss National Bank (SNB) each increased their MSTR positions by roughly 700 BTC equivalents in Q1. South Korea’s National Pension Service and Korea Investment Corporation also expanded their combined holdings by about 700 BTC.
U.S. public pension funds from California, New York, and North Carolina together added around 1,000 BTC worth of MSTR shares. Additionally, Sweden’s AP Funds and Liechtenstein’s Landesbank made modest increases.
New entrants to the MSTR investor base include France’s Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank, both of which initiated small stakes in the first quarter.
While direct bitcoin ETF holdings showed weak growth during this period, Standard Chartered remains optimistic about bitcoin’s trajectory. The bank points to recent 13F filings as supporting evidence for its forecast that bitcoin could hit $500,000 before former President Trump leaves office, fueled by growing institutional interest.
