Government Holdings in Strategy (MSTR) Reflect Growing Demand for Bitcoin Exposure Amid Regulatory Limits, Says Standard Chartered
Government entities are increasingly acquiring shares of Strategy (MSTR), a proxy for bitcoin (BTC), as a way to gain exposure to the cryptocurrency in regions where direct ownership is restricted by local regulators, according to a research report by Standard Chartered (STAN) released Tuesday.
New data from the U.S. Securities and Exchange Commission (SEC) shows that government-backed funds expanded their holdings of Strategy in the first quarter of 2025. Geoff Kendrick, head of digital assets research at Standard Chartered, noted that “MSTR holdings by government entities reflect a desire to gain bitcoin exposure where local regulators do not allow direct BTC holdings.”
Strategy, which pioneered the corporate bitcoin treasury model—holding bitcoin as a reserve asset on the balance sheet—currently owns approximately 576,230 BTC, valued at about $59 billion at today’s market prices.
The report highlights that Norway’s Government Pension Fund and the Swiss National Bank (SNB) increased their Strategy holdings by an amount equivalent to 700 BTC during the first quarter. Similarly, South Korea’s National Pension Service and the Korea Investment Corporation collectively expanded their holdings by roughly 700 BTC.
U.S. state retirement funds from California, New York, and North Carolina added a combined equivalent of 1,000 BTC to their Strategy positions. Sweden’s AP Funds and Liechtenstein’s Landesbank also modestly increased their MSTR stakes.
Notably, France’s Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank both initiated small positions in Strategy during the quarter, marking their first investments in the stock.
The report also pointed out that direct holdings in bitcoin exchange-traded funds (ETFs) were underwhelming overall in Q1.
Despite this, Standard Chartered reaffirmed its bullish outlook on bitcoin’s price trajectory, citing recent 13F filings as evidence supporting the bank’s central thesis that bitcoin could reach $500,000 before former President Trump leaves office, driven by growing institutional adoption.
