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Standard Chartered Bank’s $500,000 bitcoin price target before President Donald Trump leaves office in 2029, which adds that sovereigns or government entities increased their indirect exposure to Bitcoin in the first quarter of this year by purchasing shares of Strategy (MSTR).

Standard Chartered’s global head of digital assets research, Geoffrey Kendrick, wrote in a report released Tuesday and shared with The Block, “The latest 13F data from the Securities and Exchange Commission (SEC) supports our core thesis that Bitcoin will reach the $500,000 level before Trump leaves office as it attracts a wider range of institutional buyers.”

We believe that from an underweight initial position in Bitcoin, portfolios will shift toward their ideal level as more investors gain access to the asset and volatility diminishes.

According to the latest Q1 13F filings, quarterly reports that institutional investment managers with at least $100 million in assets are required to submit direct ownership of Bitcoin ETFs were considered “disappointing.”

In contrast, the increase in holdings of MicroStrategy (MSTR) was viewed as “very encouraging,” Kendrick noted.

The largest ETF shift occurred when the State of Wisconsin Investment Board sold all 3,400 BTC worth of its stake in BlackRock’s IBIT ETF, the largest BTC ETF most held by government organizations.  Abu Dhabi’s quasi-sovereign Mubadala increased its IBIT holdings from 4,700 to 5,000 BTC equivalent.