The fund boosted its indirect holdings from the equivalent of 6,200 BTC to 11,400 BTC, an 83% increase over just one quarter.

Almost all of that exposure came through MicroStrategy, with a smaller position of roughly 200 BTC-equivalent added in Metaplanet, sometimes referred to as “Japan’s MicroStrategy.”

Kendrick emphasized that the scale of the increase suggests a deliberate, proactive strategy rather than a passive adjustment. His analysis was based on the latest SEC 13F filings from institutions with exposure to Bitcoin ETFs, MicroStrategy, and Metaplanet.

MicroStrategy remains the largest corporate holder of Bitcoin, with nearly 629,000 BTC valued at about $74 billion. Metaplanet ranks seventh, holding more than 18,000 BTC worth over $2 billion.

Kendrick has also maintained one of the most optimistic outlooks on the crypto market. He recently raised his Bitcoin target to $135,000 by the end of September, $200,000 by year’s end, and half a million by 2028.

His projections extend beyond Bitcoin, with year-end forecasts of $7,500 for Ethereum and long-term estimates of $25,000 for ETH, $12.50 for XRP, and $2,775 for BNB, while stablecoins are expected to expand into a $2 trillion market by 2028.

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Filed under: Bitcoin - @ August 16, 2025 3:01 pm