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- Institutional investors, including sovereign wealth funds and state pension funds, are increasingly buying Bitcoin
- Abu Dhabi’s investment in BlackRock’s Bitcoin ETF highlights this trend of broader acceptance of digital assets
- Geoffrey Kendrick of Standard Chartered predicts Bitcoin could reach $500,000 by 2028 due to growing institutional adoption
In recent months, sovereign wealth funds, state pension funds, and other institutional investors have surged in their Bitcoin investments. Abu Dhabi’s recent investment in BlackRock’s Bitcoin ETF highlights this trend, signaling a broader acceptance of digital assets.
This week, a report revealed that the Abu Dhabi fund Mubadala Investment Company became the 7th largest IBIT Bitcoin ETF holder among institutional investors after one single BTC purchase.
Geoffrey Kendrick, head of digital assets research at Standard Chartered, believes that this trend of Bitcoin institutional adoption will significantly increase over the next couple of years.
In an interview with The Block—Kendrick analyzed Q4 data from Form 13F filings with the U.S. Securities and Exchange Commission. He described the data as “very encouraging,” supporting his prediction that Bitcoin could reach $500,000 by 2028.
Kendrick also highlighted that, while hedge funds dominated Bitcoin buying in Q4, there was also strong purchasing from banks. He believes that the trend of institutional BTc adoption will continue, with more sovereign wealth funds entering the market soon.
The head of digital assets research at Standard Chartered also believes that state pension funds and central banks all across the globe will also increasingly acquire Bitcoin reserves. Geoffrey Kendrick specifically mentions the Czech National Bank—which is considering allocating up to 5% of its total €140 billion reserves.
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