标准特许报告通过MicroStrategy Holdings增加主权比特币的暴露

这种间接的暴露与机构采用的更广泛趋势保持一致。 Standard Chartered的数字资产负责人Geoffrey Kendrick强调，到2029年，这一趋势支持该银行的500,000美元比特币BTC价格目标

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的报告基于第1季度2025 SEC 13F文件，重点介绍了主权财富基金和政府实体的投资策略的重大转变。虽然直接比特币ETF的所有权有所减少，但威斯康星州在BlackRock的IBIT ETF中卸载了其3,400 BTC当量的位置，但通过微型损失（MSTR）股份，间接暴露于比特币的间接暴露量显着增加。

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.

这与标准宪章的数字资产负责人相吻合，杰弗里·肯德里克（Geoffrey Kendrick）认为，最近的趋势支持该银行到2029年的BTC价格目标500,000美元，并且与唐纳德·特朗普总统的潜在期限相吻合。

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.

根据该报告，挪威的政府养老基金，瑞士国家银行和韩国的养老金机构各自通过MSTR股份增加了700 BTC，而美国州退休基金在加利福尼亚州，纽约，北卡罗来纳州，肯塔基州和肯塔基州共同增加了1,000 BTC。沙特阿拉伯和法国等首次购房者也以较小的位置进入了该空间。

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

这些资金在第一季度集团中为其加密货币持有量增添了新的补充。

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

这种间接的暴露与机构采用的更广泛趋势保持一致。

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.

根据该报告，包括加利福尼亚州，纽约，北卡罗来纳州和肯塔基州在内的几项美国退休基金共同将相当于1,000 BTC的人加入了MicroStrategy。首次购买者沙特阿拉伯和法国以较小的位置进入了该空间。

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.

这与标准Chartered的数字资产负责人相吻合，Geoffrey Kendrick的观点是，最近的趋势支持到2029年，该趋势支持该银行的500,000美元比特币BTC价格目标。

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，该报告还指出，直接比特币ETF所有权的下降，威斯康星州在BlackRock的IBIT ETF中卸载了其3,400 BTC当量的位置，这表明通过MSTR向间接暴露敞口了战略性转变。

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.

根据该报告，挪威的政府养老基金，瑞士国家银行和韩国的养老金机构各自通过MSTR股份增加了700 BTC，而美国州退休基金在加利福尼亚州，纽约，北卡罗来纳州，肯塔基州和肯塔基州共同增加了1,000 BTC。沙特阿拉伯和法国等首次购房者也以较小的位置进入了该空间。

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，价值约为614亿美元，以比特币的当前价格。

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.

这种间接的暴露与机构采用的更广泛趋势保持一致。 Standard Chartered的数字资产负责人杰弗里·肯德里克（Geoffrey Kendrick）强调，这种趋势在2029年到2029年支持该银行的500,000美元比特币BTC价格目标，这与唐纳德·特朗普总统的任期结束时相吻合。

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，该报告还指出，直接比特币ETF所有权的下降，威斯康星州在BlackRock的IBIT ETF中卸载了其3,400 BTC当量的位置，这表明通过MSTR向间接暴露敞口了战略性转变。

Institutional Momentum Accelerates Bitcoin's Global Ascent

机构动量加速了比特币的全球上升

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.

通过MicroStrategy对比特币的主权兴趣不断增强，这强调了其作为传统金融实体中价值存储的越来越多。 MicroStrategy使用债务获得比特币的策略，自2021年以来，每2025年5月的报告就向公司国库筹集了426亿美元，这使其成为比特币风险敞口的代理，尤其是对于直接加密投资的实体。由于主权基金的需求增加可能会减少可用供应，因此这种趋势可能会推动比特币的价格提高。

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，仍然存在挑战。当MSTR的持股将贝莱德（Blackrock）等主要资金暴露于比特币波动率时，微观造影中比特币暴露的浓度引起了人们对集中化风险的担忧。

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.

尽管如此，机构势头加上2024年比特币的减半，这将发行量减少到每天450 BTC（每个BlockChain.com），如果机构的流动继续下去，则支持看涨的前景，可能在2025年底将比特币转移到2025年底。