The Saudi Central Bank has made an impressive shift to leading digital asset Bitcoin. According to a recent filing with the United States Securities and Exchange Commission (SEC), the bank now holds 25,656 shares in Strategy, one of the leaders in Bitcoin treasury reserve adoption. Strategy, which used to go by Microstrategy after it changed its name in February, has been one of the biggest buyers of Bitcoin over the last few months. Its executive chairman Michael Saylor has been a huge influence in that aspect, preaching the gospel of the asset. This forward-thinking approach has now been adopted by the Saudi Central Bank, painting a picture of institutional trust in the asset. Saudi central bank shifts to Bitcoin with Strategy stake This move means that the Saudi financial institution now has indirect exposure to Bitcoin, tying a portion of the country’s sovereign wealth to the crypto market. The country has, over the years, relied on its oil, being one of the top producers in the country. This development is coming after the country mentioned recently that it is unwilling to prop up the oil market with further supply cuts. This new shift also means that, aside from relying on its oil, Saudi Arabia is choosing to diversify through Bitcoin. Also, this is not the first time that Saudi Arabia has entered the crypto industry, going by its involvement in a digital currency trial led by China in 2024. The trial was seen as a shift away from the dollar-dominated oil trade systems and possibly laying the groundwork for wider crypto adoption within the country. Meanwhile, Strategy has announced plans to double its Bitcoin acquisition efforts. The company is planning to increase its capital allocation to about $84 billion. With more than 500,000 Bitcoins worth around $68 billion on its balance sheet, Strategy has continued to solidify its lead as the largest institutional holder of the asset. At present, the company has shown no signs of stopping, with Saylor backing its plans to acquire more units of the asset. However, the reaction to that update has been mixed, with the firm’s stock dropping by 5% on May 15 to $397, showing volatility concerns linked to its leveraging strategies. Presently, the stock is trading around $393, a drop of 0.78%, with analysts citing volatility concerns. Other nations chart their respective crypto courses Historically, global central banks have always leaned towards gold and the United States dollar as safe-haven assets that hold long-term value. However, things have started changing over the last few years. While some Bitcoin critics and nations have called the asset speculative, the precious metal has struggled over the last few days. According to recent reports, the price of the digital asset fell on Friday, dropping by more than 1%, closing in on its worst weekly decline since November 2024. Meanwhile, a growing number of countries have now added or made moves to add Bitcoin to their national treasuries. Countries like the United States, El Salvador, Iran, Bhutan , and the United Kingdom have made moves in this regard. Norway’s sovereign wealth fund also previously announced that it has increased its stake in crypto-focused firms like Strategy, Coinbase, and Metaplanet. The Saudi central bank is not the only firm expanding its footprint in the crypto sector, with UAE sovereign fund Mubadala increasing its Bitcoin holdings. According to its disclosure, the firm now has a $408 million stake in iShares Bitcoin Trust (IBIT). This was the first time a Gulf sovereign wealth fund showcased its investment in a Bitcoin ETF. In addition to Mubadala, the UAE, through another wealth fund, ADQ, has indirectly invested in Bitcoin by partnering with Marathon Digital Holdings for a crypto mining company in the country. Your crypto news deserves attention - KEY Difference Wire puts you on 250+ top sites