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  • Czech National Bank governor wants to invest in Bitcoin

    Czech National Bank governor wants to invest in Bitcoin

    • If the plan is approved, the CNB could hold up to five percent of its €140 billion reserves in Bitcoin
    • Michl believes the Bitcoin trend will continue even without the Trump administration
    • The governor said he’s open to Bitcoin ending up becoming worthless

    The governor of the Czech National Bank has said that he’ll present a plan to the board to invest in Bitcoin as a way for the bank to expand its reserves.

    In an interview with the Financial Times, governor Aleš Michl, who is expected to present the plan on Thursday, said: “For the diversification of our assets, Bitcoin seems good.”

    If the board approves the plan, the bank could hold up to five percent of its €140 billion ($146 billion) reserves in Bitcoin.

    Trump impact

    Michl also pointed to US President Donald Trump’s impact on the crypto market. Last week, Trump signed an executive order for a crypto working group to provide regulatory clarity on crypto. It’s also expected to look into a national Bitcoin stockpile.

    Despite believing that the Trump administration could “create some bubble for Bitcoin,” Michl added that the Bitcoin trend “would be an increase without those guys as well, because it’s an alternative [investment] for more people.”

    Since being re-elected to the White House, Trump has appointed several pro-crypto candidates to top positions. Paul Atkins is expected to become the chair of the US Securities and Exchange Commission (SEC), a position previously held by Gary Gensler.

    Wider investor interest

    Michl pointed to the increased investor interest, thanks to the introduction of US spot Bitcoin exchange-traded funds (ETFs) last January.

    Yet, while the governor is presenting a plan to the board, he said that he was open to Bitcoin becoming worthless.

    “It’s possible to have a big range of outcomes, that Bitcoin will have a value of zero or an absolutely fantastic value . . . but in our history we have also had some stocks like Enron or the payment company Wirecard, so we have some experience with bad investments, so, yes, I’m ready [for a possible Bitcoin collapse].”

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  • National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund

    National Bank of Bahrain launches a Bitcoin investment fund
    • The National Bank of Bahrain launches the GCC’s first Bitcoin investment fund.
    • The fund offers accredited investors exposure to Bitcoin as a capital-protecting option.
    • Bahrain ranks fifth globally in Bitcoin holdings, emphasizing its crypto-friendly stance.

    The National Bank of Bahrain (NBB) has made headlines with the launch of a groundbreaking investment fund aimed at providing accredited investors with exposure to Bitcoin.

    This initiative marks the first Bitcoin-linked structured investment in the Gulf Cooperation Council (GCC) region, which includes countries such as Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

    National Bank of Bahrain collaborating with APR Digital

    In collaboration with APR Digital, the fund is designed to cater to the growing interest in digital assets, particularly Bitcoin.

    Hisham AlKurdi, Group Chief Executive of Markets & Client Solutions at NBB, in a press release, expressed pride in introducing this innovative product, stating, “We are proud to introduce this bespoke structured investment, which blends the appeal of digital asset exposure with the security of capital protection.”

    This move underscores the bank’s commitment to providing wealth management clients with secure and diverse investment opportunities.

    Boost for Bitcoin adoption in Bahrain

    As Bitcoin continues to gain traction worldwide, the launch of this fund is a significant boost for BTC adoption in Bahrain.

    The country is currently ranked fifth globally for the largest Bitcoin holdings, with a portfolio of approximately 13,166 BTC, valued at around $844 million.

    Unlike some nations that acquire BTC mainly through seizures, Bahrain has been actively accumulating the cryptocurrency, positioning itself as a leader in the digital asset space.

    Furthermore, the Central Bank of Bahrain (CBB) has implemented a clear legal framework to foster the adoption of digital currencies.

    Recently, the CBB granted a payment service license to the crypto exchange Crypto.com, allowing it to provide crypto services to Bahraini users, further solidifying Bahrain’s status as a crypto-friendly nation.

    With the introduction of this Bitcoin investment fund, the National Bank of Bahrain aims to capitalize on the growing potential of cryptocurrencies, offering clients a unique avenue for portfolio diversification in an evolving investment landscape.

    As interest in digital assets continues to rise, Bahrain’s proactive approach is likely to encourage further investment and innovation in the region.

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  • South Korea’s national pension fund buys $34M of MicroStrategy shares

    South Korea’s national pension fund buys $34M of MicroStrategy shares

    The National Pension Service, South Korea’s national pension fund, has reported purchases of nearly $34 million in MicroStrategy shares.

    NPS is South Korea’s largest public pension fund and the third-largest in the world with over $729 billion worth of assets.

    Wu Blockchain shared the news via X:

    Details filed with the US Securities and Exchange Commission indicate the NPS acquired 245,500 of MicroStrategy shares at a total of $33.5 million. The filing relates to the fund’s investments in the quarter ending June 30, 2024.

    According to news outlet Infomax, the National Pension Service’s investment in shares of the US-based MicroStrategy accounts for 0.04% of the fund’s total investment in US stocks.

    Apart from MSTR, the fund also holds more than $51 million in Coinbase shares, $31.5 million in Roblox and over $61 million in shares of Block, Inc. The fund also holds shares of AI-chip powerhouse Nvidia, and tech giants Google and Microsoft.

    MicroStrategy shares up 92% YTD

    While the MicroStrategy stock has plummeted 20% as the crypto market struggles with choppy conditions. Despite falling from highs of $180 in mid-July to currently around $131, MSTR remains more than 92% up year-to-date.

    MicroStrategy, as well as top crypto related companies such as Coinbase, are largely bullish amid growth and projections for Bitcoin. For Michael Saylor-led MicroStrategy, part of the success has come after adopting the strategy of adding BTC to its balance sheet.

    MSTR has soared alongside Bitcoin since MicroStrategy first bought BTC in 2020, the latest surge coming amid Bitcoin’s push to reclaim $60k.

    Saylor said in a recent post on X that MSTR has outperformed 499 of the 500 stocks in the S&P 500.

    The company acquired an additional 12,222 BTC in Q2, 2024, adding more than $805 million in BTC to its haul. Currently, MicroStrategy holds 226,500 BTC worth over $13 billion.

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