Exchange Ranking
Top Exchanges
24h Volume Ranking
Popularity Ranking
Exchange BTC Balance
Proof of Reserves
Decentralized Exchanges
Funding Rate
Funding Heatmap
Liquidation Data
Max Pain
Long/Short Ratio
Whale L/S Ratio
Binance/Okex/Huobi L/S
Bitfinex Margin L/S
ETF Tracker
Solana ETF
XRP ETF
Hong Kong ETF
Bitcoin Treasuries
Crypto Reversal
Ethereum Reserves
HyperLiquid Wallet Analysis
Hyperliquid Whale Watch
Large Transactions
On-chain Movement
Bitcoin ROI
Stablecoin Market Cap
Options Analysis
News
Articles
Economic Calendar
Features
Wallet
Contract Calculator
Security
Collections
Watchlist
Following
BTC Bitwise executives say sovereign wealth funds are selling gold and foreign exchange reserves to buy Bitcoin
A Bitwise executive said that a sovereign wealth fund is selling its gold holdings and foreign exchange reserves to fund direct acquisitions of Bitcoin. If this claim is confirmed, it would mark a major shift in how national-level institutions manage reserve assets.
Specific remarks by Bitwise executives
Ryan Rasmussen, an executive at Bitwise Asset Management, pointed out that an unnamed sovereign wealth fund is actively liquidating its gold and foreign exchange positions to fund direct access to Bitcoin. As of now, there is no public information about the fund's name, transaction size, purchase date or official documents to support this statement.
As one of the major digital asset managers in the United States, Bitwise has handled more than $600 million in physical delivery of Bitcoin ETFs, putting its executives at the heart of discussions involving Bitcoin capital flows at the institutional and sovereign levels. This industry visibility gives this statement some rationality, but rationality is not the same as confirmation.
The significance of reallocating reserve assets from gold and foreign exchange to Bitcoin
Gold and foreign exchange reserves perform different functions for sovereign wealth funds: gold is often seen as a long-term store of value and a hedge against currency devaluation, while foreign exchange reserves provide liquidity and facilitate international trade settlement.
Bitcoin theoretically has similar characteristics to gold, namely fixed supply and non-sovereign attributes, but its risk and liquidity characteristics are significantly different. If it is confirmed that sovereign-level asset allocation is supported by the sale of reserve assets, this is essentially different from an institution adding Bitcoin to its investment portfolio as a small-scale speculative position. Selling gold or foreign exchange to buy Bitcoin suggests a deliberate substitution of one reserve asset class for another, a far-reaching policy choice.
Institutional bitcoin demand at this scale has been a recurring topic of discussion among asset managers who track U.S. spot bitcoin ETF activity and the broader wave of sovereign and corporate treasury adoption. There is a rigid cap of 21 million bitcoins, and the accumulation of bitcoins in the over-the-counter market by large national buyers will compress the circulation supply available to other market participants. Glassnode's on-chain data shows that a considerable proportion of the Bitcoin supply is already held and profitable, an indicator that reflects the increasing concentration of demand from long-term holders.
Key elements still to be confirmed
This statement currently reported lacks several key elements required for independent verification. The identity of the sovereign wealth fund has not been disclosed. The size of any gold or foreign exchange clearing, the total amount of bitcoins acquired and the timing of these transactions are not in public records. There were also no reports of any official statements issued by the fund or its government sponsors .
Until these details are released, the statement should be regarded as an attributed but unverified report from a single industry source. Readers concerned about sovereign-level Bitcoin adoption may also want to track corporate treasury buying activity, as such activity is already more transparent and can provide comparable signals about the dynamics of institutional demand. Verification requires fund identity, supporting transaction records and official statements, which had not yet appeared at the time of publication of this article.
