The Saudi Central Bank has shifted to Bitcoin ($BTC ), acquiring 25,656 shares in Strategy, a leading Bitcoin treasury adopter, per a recent SEC filing. Formerly MicroStrategy, Strategy, led by Bitcoin advocate Michael Saylor, holds over 500,000 Bitcoins worth $68 billion and plans to invest $84 billion more. This move diversifies Saudi Arabia’s oil-reliant economy, following its 2024 digital currency trial with China. Other nations, including the US, El Salvador, and the UK, are also adding Bitcoin to their treasuries. Meanwhile, UAE’s Mubadala holds a $408 million stake in iShares Bitcoin Trust, and ADQ has invested in a crypto mining venture. Strategy’s stock, however, fell 5% to $393, reflecting volatility concerns.
