对比特币的主权投资正在加速 - 并非总是以最直接的方式

在一份新报告中，标准特许银行说，通过战略（以前为MicroStrategy）的间接暴露在政府实体之间正在悄悄地增加

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

标准宪章表示，SEC 13F文件支持比特币，达到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说，到2028年底，美国证券交易委员会（SEC）的最新13F数据支持比特币（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.

该银行指出，虽然直接购买比特币ETF却放慢了速度 - 威斯康星州的州基金退出了整个3,400 BTC等效的IBIT位置 - 政府与策略的购买（以前为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将其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.

他说：“我们认为，在某些情况下，政府实体的Mstr Holdings反映了在当地法规不允许直接BTC持有的情况下获得比特币暴露的愿望。”

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.

法国和沙特阿拉伯在第1季度担任MSTR的首次职位。同时，挪威的政府养老基金，瑞士国家银行和韩国的公共资金各自增加了相当于700 BTC的曝光率。美国在加利福尼亚和纽约等州的退休资金通过MSTR增加了1,000 BTC的总值。

Kendrick called the trend “very encouraging.”

肯德里克（Kendrick）称这一趋势“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.”

他说：“季度13F数据是我们论文的最佳考验，即随着市场的成熟，BTC将吸引新的机构买家类型，从而帮助价格达到500,000美元。” “当机构购买比特币时，价格往往会上涨。”

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.

这不是肯德里克的第一个看涨电话。上个月，他承认他对第二季度2025年第2季度的12万美元预测“太低”，理由是流入了美国现货BTC ETF的流入，仅在短短三个星期内将53亿美元的交换带入了美国现货BTC ETF。当时，肯德里克（Kendrick）将他的2025年年底目标修改为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，比特币在机构投资组合中的作用超出了技术波动性相关性，现在越来越被视为宏观对冲。肯德里克说：“现在这一切都与流动有关。” “流动以多种形式出现。”