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Sovereign wealth funds — the state-controlled pools of capital that manage national reserves — are moving into digital assets, but not the way the industry's promoters prefer to frame it.
Their route of choice is indirect: regulated vehicles including spot bitcoin exchange-traded funds, shares in publicly traded companies with crypto exposure, blockchain infrastructure firms, and venture capital funds.
Direct ownership of bitcoin or other tokens remains uncommon, held back by governance rules, custody requirements, and political accountability. The Wrapper Strategy The pattern is deliberate.
Governance frameworks at sovereign institutions — which answer to finance ministries, parliaments, and national audit bodies — were not written with self-custodied digital assets in mind.
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