RE: Mark Moss Tweet20 Jul 2025 10:11
Might well happen but pension funds are risk managed institutions, not opportunistic investors. Their job isn’t to maximise upside, it’s to preserve capital, meet long term liabilities, and remain inside regulatory guardrails set by boards, trustees, and sometimes national policy.
Even if the law permits exposure to Bitcoin, there are loads of reasons why they still won’t hold it directly.
Self custody is completely out of the question for pensions. These funds are managing billions in other people’s life savings. If a trustee even suggested using a cold wallet or multisig without a regulated custodian, they’d likely be in breach of fiduciary duty.
Pension funds need FCA regulated, audited custody solutions, often with daily NAV, insurance coverage, and third party verifications. That’s why SATS holding Bitcoin in treasury wrapped in a UKlisted public equity becomes so attractive. The fund buys SATS shares, and SATS handles the rest.
It’s like a pension wanting oil exposure. They don’t go buy a barrel and store it in the office. They buy shares in Shell or BP, who manage the messy, volatile logistics. SATS will be that operator but for Bitcoin.
Pensions need board approval, full audit trails, external reporting, and quarterly disclosures. Bitcoin, as a selfcustodied asset, offers none of this. There’s no internal mark to market process, no external auditor for wallets, no cash flow to report.
Large institutional capital doesn’t move fast. It’s bound by internal investment committees, risk teams, consultant frameworks, ESG overlays, etc. Anything too complex or unfamiliar gets dropped.
Right now, pensions are starved for real yield. Gilts and government bonds underperform inflation. Equities are expensive. ESG pressures are forcing them to divest from fossil fuels, tobacco, and other highyield legacy sectors.
If SATS accumulates meaningful BTC reserves (£100M+) and builds a credible track record of yield generation, it can attract allocations from multiple pension schemes. Syndicate BTC-backed structured notes to asset managers. Launch DeFi-wrapped income funds. Tap sovereign wealth, insurance funds, endowments, and beyond. It becomes the trusted intermediary between slow capital and fast moving decentralised opportunity.
That’s a $300+ trillion opportunity and SATS will be the custodian. The wrapper. The yield generator. The compliance engine. The governance vehicle and the proxy. And the best part is that its all wrapped in a single UK listed share on the LSE
& With SATS, you’re not just getting a Bitcoin treasury you’re gaining access to a high performance, multi asset digital infrastructure platform. Through Tao Strategies and the Bittensor network, SATS is already generating daily AI powered yield via decentralised compute turning passive Bitcoin exposure into an active, compounding asset base, and again which is why I think Henry & Mark have said it’s the best opportunity they’
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