Standard Chartered Notes Expansion of MSTR Holdings by Government-Backed Funds Amid Rising BTC Demand

Government Funds Increase Strategy (MSTR) Holdings to Gain Bitcoin Exposure Amid Regulatory Barriers, Says Standard Chartered

Government-backed investors are ramping up their holdings in Strategy (MSTR) as a proxy to access bitcoin exposure where local regulations prevent direct BTC ownership, according to a report by Standard Chartered (STAN) released Tuesday.

New SEC data shows that several government entities expanded their MSTR positions in the first quarter of 2025. Geoff Kendrick, head of digital assets research at Standard Chartered, noted, “MSTR holdings by government bodies reflect efforts to circumvent regulatory restrictions on direct bitcoin holdings.”

Strategy, a pioneer in the corporate bitcoin treasury model, currently holds roughly 576,230 BTC valued at about $59 billion.

Notably, Norway’s Government Pension Fund and the Swiss National Bank (SNB) both increased their Strategy stakes by the equivalent of 700 bitcoins in Q1. South Korea’s National Pension Service and Korea Investment Corporation also boosted their combined holdings by around 700 BTC.

U.S. state pension funds from California, New York, and North Carolina collectively added approximately 1,000 BTC worth of MSTR shares. Sweden’s AP Funds and Liechtenstein’s Landesbank made smaller increases.

France’s Caisse des Dépôts et Consignations (CDC) and the Saudi Central Bank initiated modest positions in Strategy for the first time during the quarter.

Despite the growing institutional interest in MSTR, direct bitcoin ETF holdings showed lackluster growth in Q1.

Standard Chartered remains bullish on bitcoin’s future, citing recent 13F filings that support its forecast of bitcoin reaching $500,000 before former President Trump leaves office, fueled by broader institutional adoption.