Governmental and semi-governmental institutions significantly increased their exposure to bitcoin-related assets in the first quarter, according to analysts from a major international bank who studied recent public filings.

Particular attention was given to shares of companies operating in the digital asset sector. Despite mixed results from bitcoin ETFs, the rising involvement of institutional players through traditional equity channels is seen as a strong signal. This trend has reinforced analysts’ long-term projection that BTC could reach $500,000 by 2028.

Among the new or increased positions were investments from central banks, pension funds, and sovereign wealth entities across Europe, Asia, and the Middle East — each holding assets equivalent to approximately 700 BTC. Meanwhile, one U.S.-based institutional investor exited a fund position amounting to over 3,000 BTC, though this was partly offset by increased exposure from other participants.

Several U.S. state pension funds collectively acquired holdings totaling around 1,000 BTC for the first time. Additionally, small initial investments from France and sеlect Central European nations were recorded, further indicating a growing global interest in indirect bitcoin exposure.

Earlier, the same research center predicted a potential short-term rise in BTC to $120,000 by the end of Q2. Forecasts for other key digital assets were also revised: notably, the 2025 target for Ethereum was lowered from $10,000 to $4,000 due to the rising influence of layer-2 solutions.