Standard Chartered Says Increased Government Stake in Strategy Backs Its Bitcoin to $500K Call By 2028
Standard Chartered’s head of digital assets, Geoffrey Kendrick, says recent SEC 13F filings indicate that Bitcoin is on track to potentially hit $500,000 by 2028.
The prominent analyst issued the bullish statement in a recent note to Standard Chartered’s clients, as seen by Walter Bloomberg. In the note, Kendrick highlighted the recent SEC’s 13F filings as a crucial trend supporting Bitcoin’s possible rise to the $500,000 mark by 2028.
Strong Institutional Demand for Bitcoin Despite Dip in Direct BTC ETF Holdings
The Standard Chartered analyst acknowledged that direct Bitcoin ETF holdings plunged in the year’s first quarter. For instance, the State of Wisconsin Investment Board closed its Bitcoin ETF position, equivalent to about 3,400 BTC, in the BlackRock iShares Trust.
The dip in direct Bitcoin ETF holdings would have been seen as a cooling demand for Bitcoin. However, Kendrick emphasized that this was not the case, as recent SEC 13F filings, particularly in Q1 2025, signal growing institutional interest in Bitcoin.
Specifically, he noted that government entities boosted their indirect exposure to the world’s largest cryptocurrency by market cap in Q1 2025. These entities increased their stakes in Strategy (formerly MicroStrategy) during this period. It is common knowledge that Strategy’s massive Bitcoin holding of 576,230 BTC makes it a proxy for institutional Bitcoin exposure.
Government Entities Increase Stakes in Strategy
Most institutions and government entities that do not plan to buy and hold Bitcoin directly due to regulatory restrictions but still seek exposure to the premier asset usually acquire Strategy’s stock, MSTR.
Notably, the Swiss National Bank, Norway’s Government Pension Fund, and South Korea’s pension and investment bodies increased their MSTR holdings in the first quarter. According to Kendrick’s report, these entities purchased MSTR shares worth approximately 700 BTC each.
Also, several U.S. states increased their stakes in Strategy, including Kentucky, New York, and North Carolina. In Kendrick’s view, while Bitcoin ETF holdings slumped in Q1 2025, the increased exposure to Bitcoin among government entities via the acquisition of Strategy’s shares signals strong demand for Bitcoin.
Trend Supports Bitcoin to $500K Price Call
As a result, he suggested the trend supports Standard Chartered’s prediction that Bitcoin would hit the $500,000 mark by 2028.
Recall that the analyst first issued this bullish prediction in February, forecasting that Bitcoin would achieve the milestone before Trump leaves office. Specifically, he projected that the $500,000 target would become a reality by 2028, three years from now.
To hit the target, the price of Bitcoin must soar by 379% from its current level of $104,359.
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