Government units increased their inventory of strategy (MSTR), a Bitcoin

Proxy, in the first quarter of new data from the US Securities and Exchange Commission (SEC), Investment Bank Standard Chartered (Stan) said in a research report on Tuesday.

In some cases, “MSTR -holdings of government units reflect a desire to get Bitcoin exposure, where local regulators do not allow direct BTC holdings,” wrote Geoff Kendrick, head of research into digital assets at Standard Chartered.

Strategy pioneering the Bitcoin Treasury model, where companies have the crypto on their balance as a reserve active, currently has 576,230 BTC worth around $ 59 billion at current market prices.

The bank noted that both Norway’s Public Pension Fund and the Swiss National Bank (SNB) increased their strategy attitude with the equivalent of 700 Bitcoin in the first quarter.

The South Korean National Pension Service and Korea Investment Corporation expanded their inventory with a total of 700 BTC equivalent, the report said.

US State Retirement Funds, including California, New York and North Carolina, added together to their inventory equivalent to 1,000 bitcoin, the bank said.

AP Funds in Sweden and Landesbank in Liechtenstein grew their Mstr Holdings marginally, the bank noted.

France’s Caisse Des Dépôts ET -Slifts (CDC) and the Saudi central bank both added a small position in Mstr for the first time, Standard Chartered said.

Bitcoin Exchange-Traded Fund (ETF) Direct Holding Data was “disappointing” in general in the first quarter, the report added.

The bank said the latest 13F data supports its central thesis that Bitcoin will reach $ 500,000 before President Trump leaves the office as Cryptocurrency attracts a wider range of institutional buyers.

Read more: Strategy expands Bitcoin Holdings with the latest purchase of several million dollars