對比特幣的主權投資正在加速 - 並非總是以最直接的方式

在一份新報告中，標準特許銀行說，通過戰略（以前為MicroStrategy）的間接暴露在政府實體之間正在悄悄地增加

Standard Chartered says SEC 13F filings support Bitcoin reaching $500,000.

標準憲章表示，SEC 13F文件支持比特幣，達到500,000美元。

The latest 13F data from the U.S. Securities and Exchange Commission (SEC) supports a possible rise in Bitcoin (BTC) to $500,000 by end-2028, Standard Chartered says.

Standard Chartered說，到2028年底，美國證券交易委員會（SEC）的最新13F數據支持比特幣（BTC）可能增加到500,000美元。

While direct bitcoin ETF buying slowed—with Wisconsin’s state fund exiting its entire 3,400 BTC-equivalent IBIT position—government-linked purchases of Strategy (formerly MicroStrategy) shares were on the rise, the bank noted.

該銀行指出，雖然直接購買比特幣ETF卻放慢了速度 - 威斯康星州的州基金退出了整個3,400 BTC等效的IBIT位置 - 政府與策略的購買（以前為Microstrategy）的股票正在上升。

Abu Dhabi’s Mubadala upped its IBIT exposure to 5,000 BTC equivalent, but the bigger story is elsewhere, says Geoff Kendrick, Standard Chartered’s global head of digital assets research.

Abu Dhabi的Mubadala將其IBIT暴露在5,000 BTC等效上，但更大的故事在其他地方。

“We believe that in some cases, MSTR holdings by government entities reflect a desire to gain Bitcoin exposure where local regulations do not allow direct BTC holdings,” he said.

他說：“我們認為，在某些情況下，政府實體的Mstr Holdings反映了在當地法規不允許直接BTC持有的情況下獲得比特幣暴露的願望。”

France and Saudi Arabia took first-time MSTR positions in Q1. Meanwhile, Norway’s Government Pension Fund, the Swiss National Bank, and South Korea’s public funds each added exposure equivalent to 700 BTC. U.S. retirement funds in states like California and New York added a combined 1,000 BTC equivalent via MSTR.

法國和沙特阿拉伯在第1季度擔任MSTR的首次職位。同時，挪威的政府養老基金，瑞士國家銀行和韓國的公共資金各自增加了相當於700 BTC的曝光率。美國在加利福尼亞和紐約等州的退休資金通過MSTR增加了1,000 BTC的總值。

Kendrick called the trend “very encouraging.”

肯德里克（Kendrick）稱這一趨勢“非常令人鼓舞”。

“The quarterly 13F data is the best test of our thesis that BTC will attract new institutional buyer types as the market matures, helping the price reach our USD 500,000 level,” he said. “When institutions buy Bitcoin, prices tend to rise.”

他說：“季度13F數據是我們論文的最佳考驗，即隨著市場的成熟，BTC將吸引新的機構買家類型，從而幫助價格達到500,000美元。” “當機構購買比特幣時，價格往往會上漲。”

This isn’t Kendrick’s first bullish call. Last month, he admitted his prior $120K forecast for Q2 2025 was “too low,” citing surging inflows into U.S. spot BTC ETFs—totaling $5.3 billion over just three weeks. At the time, Kendrick revised his 2025 year-end target to $200,000.

這不是肯德里克的第一個看漲電話。上個月，他承認他對第二季度2025年第2季度的12萬美元預測“太低”，理由是流入了美國現貨BTC ETF的流入，僅在短短三個星期內將53億美元的交換帶入了美國現貨BTC ETF。當時，肯德里克（Kendrick）將他的2025年年底目標修改為200,000美元。

Standard Chartered’s latest analysis shows that Bitcoin’s role in institutional portfolios is maturing beyond tech volatility correlation—now increasingly seen as a macro hedge. “It is now all about flows,” Kendrick said. “And flows are coming in many forms.”

Standard Charter的最新分析表明，比特幣在機構投資組合中的作用超出了技術波動性相關性，現在越來越被視為宏觀對沖。肯德里克說：“現在這一切都與流動有關。” “流動以多種形式出現。”