Government entities have increased their strategy assets (MSTR), Bitcoin
Proxy, in the first quarter, according to new data from Securities and Exchange Commission (SEC), a research report said on Tuesday.
In some cases, “MSTR’s assets by government entities reflect the desire to win an exposure to Bitcoin when local regulators do not allow direct BTC assets,” wrote Geoff Kendrick, manager of digital asset research at Standard Chartered.
The strategy, which was the pioneer of the Bitcoin cash model where companies hold the crypto on their assessment as a reserve ratio, currently has 576,230 BTC worth around 59 billion dollars at current market prices.
The bank noted that the Norwegian government’s pension fund and the Swiss National Bank (SNB) increased their assets in strategy by the equivalent of 700 bitcoin in the first quarter.
The national South Korean pension service and the Korea Investment Corporation have extended their assets by a combined equivalent of 700 BTC, according to the report.
US state pension funds, including California, New York and North Carolina, added the equivalent of 1,000 Bitcoin to their assets, said the bank.
The AP funds in Sweden and Landesbank in Liechtenstein have marginally increased their assets in MSTR, noted the bank.
Caisse des Dépôts and consignments (CDC) (CDC) and the Saudi central bank have both added a small position in MSTR for the first time, said Standard Charterd.
Direct detention data on the Bitcoin Stock Exchange (ETF) funds were “disappointing” overall in the first quarter, added the report.
The bank said that the most recent data will support its central thesis that Bitcoin will reach $ 500,000 before President Trump leaves his duties while cryptocurrency attracts a wider range of institutional buyers.
Find out more: The strategy extends Bitcoin Holdings with the last purchase of several million dollars
