標準特許報告通過MicroStrategy Holdings增加主權比特幣的暴露

這種間接的暴露與機構採用的更廣泛趨勢保持一致。 Standard Chartered的數字資產負責人Geoffrey Kendrick強調，到2029年，這一趨勢支持該銀行的500,000美元比特幣BTC價格目標

Standard Chartered's report, based on Q1 2025 SEC 13F filings, highlights a significant shift in sovereign wealth funds and government entities' investment strategy. While direct Bitcoin ETF ownership saw a decrease, with Wisconsin unloading its 3,400 BTC-equivalent position in BlackRock's IBIT ETF, there was a notable increase in indirect exposure to Bitcoin through MicroStrategy (MSTR) shares.

Standard Chartered的報告基於第1季度2025 SEC 13F文件，重點介紹了主權財富基金和政府實體的投資策略的重大轉變。雖然直接比特幣ETF的所有權有所減少，但威斯康星州在BlackRock的IBIT ETF中卸載了其3,400 BTC當量的位置，但通過微型損失（MSTR）股份，間接暴露於比特幣的間接暴露量顯著增加。

This aligns with Standard Chartered's digital assets head, Geoffrey Kendrick's view that recent trends support the bank's BTC price target of $500,000 by 2029, and coincides with President Donald Trump's potential term.

這與標準憲章的數字資產負責人相吻合，杰弗裡·肯德里克（Geoffrey Kendrick）認為，最近的趨勢支持該銀行到2029年的BTC價格目標500,000美元，並且與唐納德·特朗普總統的潛在期限相吻合。

According to the report, Norway's Government Pension Fund, the Swiss National Bank, and South Korea's pension bodies each added the equivalent of 700 BTC through MSTR shares, while U.S. state retirement funds in California, New York, North Carolina, and Kentucky collectively added 1,000 BTC equivalent. First-time buyers like Saudi Arabia and France also entered the space with smaller positions.

根據該報告，挪威的政府養老基金，瑞士國家銀行和韓國的養老金機構各自通過MSTR股份增加了700 BTC，而美國州退休基金在加利福尼亞州，紐約，北卡羅來納州，肯塔基州和肯塔基州共同增加了1,000 BTC。沙特阿拉伯和法國等首次購房者也以較小的位置進入了該空間。

These funds were making new additions to their cryptocurrency holdings in the first quarter, en bloc.

這些資金在第一季度集團中為其加密貨幣持有量增添了新的補充。

This indirect exposure aligns with a broader trend of institutional adoption.

這種間接的暴露與機構採用的更廣泛趨勢保持一致。

According to the report, several U.S. state retirement funds, including those in California, New York, North Carolina, and Kentucky, collectively added the equivalent of 1,000 BTC to MicroStrategy. First-time buyers Saudi Arabia and France entered the space with smaller positions.

根據該報告，包括加利福尼亞州，紐約，北卡羅來納州和肯塔基州在內的幾項美國退休基金共同將相當於1,000 BTC的人加入了MicroStrategy。首次購買者沙特阿拉伯和法國以較小的位置進入了該空間。

This aligns with Standard Chartered's digital assets head, Geoffrey Kendrick's view that recent trends support the bank's $500,000 Bitcoin BTC price target by 2029.

這與標準Chartered的數字資產負責人相吻合，Geoffrey Kendrick的觀點是，最近的趨勢支持到2029年，該趨勢支持該銀行的500,000美元比特幣BTC價格目標。

However, the report also noted a decline in direct Bitcoin ETF ownership, with Wisconsin offloading its 3,400 BTC-equivalent position in BlackRock's IBIT ETF, indicating a strategic shift toward indirect exposure via MSTR.

但是，該報告還指出，直接比特幣ETF所有權的下降，威斯康星州在BlackRock的IBIT ETF中卸載了其3,400 BTC當量的位置，這表明通過MSTR向間接暴露敞口了戰略性轉變。

According to the report, Norway's Government Pension Fund, the Swiss National Bank, and South Korea's pension bodies each added the equivalent of 700 BTC through MSTR shares, while U.S. state retirement funds in California, New York, North Carolina, and Kentucky collectively added 1,000 BTC equivalent. First-time buyers like Saudi Arabia and France also entered the space with smaller positions.

根據該報告，挪威的政府養老基金，瑞士國家銀行和韓國的養老金機構各自通過MSTR股份增加了700 BTC，而美國州退休基金在加利福尼亞州，紐約，北卡羅來納州，肯塔基州和肯塔基州共同增加了1,000 BTC。沙特阿拉伯和法國等首次購房者也以較小的位置進入了該空間。

MicroStrategy itself holds 576,230 BTC valued at approximately $61,4 billion at Bitcoin's current price.

MicroStrategy本身的持有576,230 BTC，價值約為614億美元，以比特幣的當前價格。

This indirect exposure aligns with a broader trend of institutional adoption. Standard Chartered's digital assets head, Geoffrey Kendrick, emphasized that this trend supports the bank's $500,000 Bitcoin BTC price target by 2029, coinciding with the end of President Donald Trump's term.

這種間接的暴露與機構採用的更廣泛趨勢保持一致。 Standard Chartered的數字資產負責人杰弗裡·肯德里克（Geoffrey Kendrick）強調，這種趨勢在2029年到2029年支持該銀行的500,000美元比特幣BTC價格目標，這與唐納德·特朗普總統的任期結束時相吻合。

However, the report also noted a decline in direct Bitcoin ETF ownership, with Wisconsin offloading its 3,400 BTC-equivalent position in BlackRock's IBIT ETF, indicating a strategic shift toward indirect exposure via MSTR.

但是，該報告還指出，直接比特幣ETF所有權的下降，威斯康星州在BlackRock的IBIT ETF中卸載了其3,400 BTC當量的位置，這表明通過MSTR向間接暴露敞口了戰略性轉變。

Institutional Momentum Accelerates Bitcoin's Global Ascent

機構動量加速了比特幣的全球上升

The growing sovereign interest in Bitcoin via MicroStrategy underscores its increasing acceptance as a store of value among traditional financial entities. MicroStrategy's strategy of using debt to acquire Bitcoin—adding $42.6 billion to corporate treasuries since 2021, per River's May 2025 report—has made it a proxy for Bitcoin exposure, especially for entities cautious about direct crypto investments. This trend could drive Bitcoin's price higher, as increased demand from sovereign funds may reduce available supply.

通過MicroStrategy對比特幣的主權興趣不斷增強，這強調了其作為傳統金融實體中價值存儲的越來越多。 MicroStrategy使用債務獲得比特幣的策略，自2021年以來，每2025年5月的報告就向公司國庫籌集了426億美元，這使其成為比特幣風險敞口的代理，尤其是對於直接加密投資的實體。由於主權基金的需求增加可能會減少可用供應，因此這種趨勢可能會推動比特幣的價格提高。

However, challenges remain. The concentration of Bitcoin exposure in MicroStrategy raises concerns about centralization risks when MSTR's holdings expose major funds like BlackRock to Bitcoin volatility.

但是，仍然存在挑戰。當MSTR的持股將貝萊德（Blackrock）等主要資金暴露於比特幣波動率時，微觀造影中比特幣暴露的濃度引起了人們對集中化風險的擔憂。

Despite this, the institutional momentum, coupled with Bitcoin's halving in 2024, which reduced issuance to 450 BTC per day (per Blockchain.com), supports a bullish outlook, potentially pushing Bitcoin toward $150,000 by the end of 2025 if institutional inflows continue.

儘管如此，機構勢頭加上2024年比特幣的減半，這將發行量減少到每天450 BTC（每個BlockChain.com），如果機構的流動繼續下去，則支持看漲的前景，可能在2025年底將比特幣轉移到2025年底。