Liquidators are reportedly suing the Singapore arm of Standard Chartered over allegations the British banking giant enabled fraud that caused more than $2.7 billion in losses.

The allegations are tied to the $4.5 billion embezzlement conspiracy carried out against the Malaysian sovereign wealth fund 1Malaysia Development Berhad, known as the 1MDB scandal, which began back in 2009.

Standard Chartered “emphatically rejected” the claims made in the new Singapore lawsuit, according to a new Reuters report.

Liquidators from the financial services giant Kroll filed the suit, claiming that the British bank enabled the 1MDB fraud.

Standard Chartered allegedly ignored red flags and processed more than 100 intrabank transfers between 2009 and 2013, which contributed to hiding the 1MDB funds, according to three companies in liquidation associated with the scandal.

Explain the liquidators,

“According to this lawsuit, the transfers demonstrate serious breaches and control failings which ultimately enabled the theft of public funds by people operating at the highest levels of the Malaysian government during that period.”

Standard Chartered told Reuters any claims made by the companies were “without merit.”

Earlier this year, former Goldman Sachs employee Tim Leissner was sentenced to two years behind bars for playing a part in the multibillion-dollar heist.

Prosecutors say that Leissner and others who worked for the banking giant aided Malaysia in raising $6.5 billion for the nation’s investment fund through bond sales.

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Pakistan’s sprint toward a state-level Bitcoin strategy has drawn an influential new ally. On Sunday, June 15, entrepreneur-turned-Bitcoin evangelist Michael Saylor held a video meeting with Finance Minister Muhammad Aurangzeb and Minister of State for Blockchain and Crypto Bilal Bin Saqib to explore how the world’s oldest cryptocurrency could sit inside the country’s sovereign reserves. The Finance Ministry described the conversation as a “milestone” in Pakistan’s digital-assets agenda, and Saylor, whose firm Strategy holds the world’s largest corporate Bitcoin treasury, offered to continue “in an advisory capacity.”

Michael Saylor Joins Pakistan’s Bitcoin Pivot

According to the press note seen by local media Dawn, discussion centred on whether Bitcoin can underpin monetary resilience in an economy that has long relied on dollar liquidity and IMF balance-of-payments support. Saylor, credited with turning a mid-tier software vendor into a $100-billion market-cap vehicle for Bitcoin exposure, framed the asset as “the strongest instrument for long-term national resilience.” He argued that Pakistan can seize a “once-in-a-generation opportunity to leapfrog into the future of finance,” echoing his thesis that digital scarcity is an antidote to fiat debasement.

The video feed, later posted to X by Finance-Ministry media chief Hamid Raza Wattoo and widely circulated by crypto outlets, captured Saylor linking capital flows to reputational credibility. “The most important thing is leadership — intellectual leadership — and that they trust you,” he told Aurangzeb and Saqib. “If the world trusts you and they hear your words … the capital and the capability will flow to Pakistan. It’s there; it wants to find a home.” He closed by saying, “I look forward to working with you.”

Aurangzeb, who heads the newly created Pakistan Crypto Council (PCC), responded that Islamabad “aspires to lead the Global South in the development and adoption of digital assets, setting a benchmark for innovation, regulation and inclusive growth.” Saqib called Saylor’s trajectory proof that Bitcoin now carries “sovereign-grade” status. “If private individuals can build that in the US, why can’t Pakistan, as a nation, do the same? We have the talent, the story, and the energy,” he said.

Saylor’s credibility in the role is anchored in Strategy’s 582,000-Bitcoin cache, currently valued at roughly $61 billion, amassed through successive equity and debt offerings since 2020. His endorsement comes as Pakistan tries to codify rules for custody, mining and taxation. The PCC, launched in March, has already formed a technical committee for a draft Digital-Assets Act and is coordinating with the State Bank of Pakistan, the Securities and Exchange Commission and the Financial Action Task Force. Parallel legislation would create the Pakistan Virtual Assets Regulatory Authority (PVARA) as an umbrella watchdog.

Yet the legal landscape is still contested. Only two weeks ago, senior State Bank officials reminded lawmakers that “cryptocurrency remains banned” under existing directives and that enforcement cases are being forwarded to law-enforcement agencies. The juxtaposition of an official Bitcoin reserve with a de jure ban has produced what Dawn characterised as a “policy in disarray.”

Pakistan’s political leadership has nevertheless accelerated operational plans. In late May Saqib unveiled a state-managed Bitcoin cold wallet at the Bitcoin 2025 conference in Las Vegas and secured Cabinet approval to dedicate 2,000 megawatts of surplus power for Bitcoin mining and AI data-centre workloads. The capital-hungry energy policy is seen in Islamabad as a way to monetise excess generation capacity while building a strategic stockpile of BTC that could, in theory, diversify external reserves currently dominated by dollars and gold.

Saylor’s expected advisory remit has not yet been formalised, and neither side disclosed whether Strategy would take a commercial stake. But the meeting underscores Pakistan’s intent to import not just technology but also intellectual capital. Saqib, fresh from a US roadshow that included talks with New York City Mayor Eric Adams and the New York Crypto Council, noted that “Pakistan is establishing itself as a key player in the global cryptocurrency economy and setting trends rather than following them.”

For now, the largest obstacle remains regulatory coherence. A sovereign Bitcoin reserve, ministerial advocacy and Saylor’s star power have vaulted Pakistan into the global spotlight, but a statutory framework acceptable to both domestic regulators and the IMF will determine whether the country can convert momentum into durable policy.

At press time, BTC traded at $106,613.

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Speaking to a packed auditorium at Consensus 2025, Eric Trump said the quiet part out loud: “Everybody in the world is trying to hoard Bitcoin right now. Everybody. I hear it from sovereign wealth funds. I hear it from the wealthiest families. I hear it from the biggest companies. I mean the adoption of it is incredible. ”

The son of US President Donald Trump used the stage to explain why his newly formed mining venture, American Bitcoin, is being rushed onto public markets via a reverse-merger with Gryphon Digital Mining. Trump, who serves as the company’s chief strategy officer, called Bitcoin “digital gold” and a superior store of value compared with the illiquid trophy properties that built the family fortune.

Bitcoin Is A ‘Race To The Top’

I really believe in digital gold, which is Bitcoin,” he told the audience. Trump contrasted the portability of Bitcoin with the illiquidity of trophy real estate that built the family fortune. “I sold a hotel a couple of years ago. It took me a year and a half to literally transact that hotel because title reports, escrows, lenders and managers all had to line up,” he told the crowd. “Then all of a sudden you’ve got this digital asset you don’t need to watch, you don’t need to manage. It’s global, it’s instantaneous. I can have a glass of wine with my wife on Saturday night and be transferring value at the same time. That’s modern-day finance.”

Trump also explained the FOMO he’s currently experiencing: “And so every single day, guys, I’m telling you, people who were kind of staunchly against it, people who didn’t understand it, people who were closed-minded, people who are kind of rhinos to traditional finance are coming around in a massive way. And I think the kind of spike in Bitcoin is going to be significant and therefore it really is kind of a race to the top right now. There’s a lot of people who are running very very hard at this mission.”

The speed motif also dominated Trump’s merger. “The speed at which the reverse merger happened—and the speed at which we’re going to get to market—is going to be pretty unparalleled for any public company,” he said, describing a round-the-clock internal chat with Hut 8 CEO Asher Genoot and Gryphon executives that “literally goes back and forth all day, every day, Saturday, Sunday.” Minutes later he distilled the branding rationale: “American Bitcoin, to me, is everything… it has to have the word American and it has to have the word Bitcoin.”

Market data suggest investors are rewarding that urgency. When Hut 8 and Gryphon unveiled their stock-for-stock deal on May 12, Gryphon shares rocketed more than 200% in pre-market trade and Hut 8 gained 12%. The combined company will keep the American Bitcoin name, list on Nasdaq under the ticker ABTC and is scheduled to close in the third quarter, with Hut 8 retaining majority control.

Trump’s assertion that sovereign wealth funds are now active Bitcoin accumulators lands as large public companies escalate their own treasury strategies. Every day new Bitcoin treasury companies are announced. Also, sovereign wealth funds are loading up on Bitcoin. Just yesterday, Mubadala, the Abu Dhabi sovereign wealth fund, disclosed owning 8,726,972 shares of BlackRock’s spot BTC ETF (IBIT) in a 13F filing, valued at $408.5 million.

For Trump, the macro landscape divides into two contests: an accumulation race, in which players such as Strategy bulk-buy coins, and a mining race, which American Bitcoin intends to win by sourcing some of the world’s cheapest electricity through Hut 8’s US infrastructure. “If I can mine an asset for literally a third the cost that it’s trading right now, and we can do that in America using the lowest-cost energy anywhere in the world, we’re on to something really good,” he said.

The political subtext was never far away. Trump credited “political weaponization” against the family for pushing him toward crypto allies and argued that a liquid, censorship-resistant asset is an antidote to the hurdles faced by hard assets. Yet he kept the tone promotional, not partisan. “I don’t think I’ve ever been more excited about a project.”

At press time, BTC traded at $103,889.

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Strike CEO Jack Mallers says that gold and Bitcoin (BTC) will be useful assets to hold during an imminent reordering of the global financial and geopolitical landscape.

In a new interview with independent journalist David Lin, Mallers says that the US has been running unsustainable trade deficits for far too long and is slowly running out of demand for its debt.

Moving forward, Mallers says global markets will likely witness a realignment and a “trade flow reordering” – one in which scarce and fixed-supply assets like BTC and gold shine.

“The reality is this is not a very sustainable practice. Printing pieces of paper out of thin air in exchange for real goods and services is not a relationship that is to be sustained. It actually was a reaction to a decimating World War, and so what I think we’re living through is the unwind of that.

When you see President Trump say things like ‘we need to fix our deficits, we need to bring back the middle class, we need to bring back the manufacturing class, we need to be able to produce our own stuff, it’s because there is a global trade imbalance happening where China is running a trade surplus of something to the tune of a trllion dollars a year, and the US, given this economic alignment globally, has racked up over $35 trillion worth of debt. 

And there are no marginal lenders to the United States anymore, we’re on the brink of a sovereign debt crisis.

And so I think there’s a lot of volatility and a lot of trade flow reordering that we’re living through today, and investors trying to predict when these things are liquidity positive and liquidity negative, how the volatility is going to impact certain structural markets, it’s a very dangerous game to play.

I think investors were probably caught offside for the first three months of Trump’s inauguration because he’s been so pro-business, so pro-growth, so pro-deregulation, that they probably got ahead of their skis. But now we’re starting to really understand how the world needs to realign, the impacts of that, and just the true power that a fixed-supply asset like a gold or a Bitcoin can have in a portfolio.”

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According to a recent filing with the United States Securities and Exchange Commission, Abu Dhabi’s sovereign wealth fund currently holds a significant amount in BlackRock’s spot Bitcoin ETF (exchange-traded fund). This purchase came in the final quarter of 2024 after asset management firm BlackRock secured the commercial license to operate in Abu Dhabi last November.

Sovereign Wealth Fund Buys Significant Stake In Largest Bitcoin ETF

On Friday, February 14th, a 13F filing with the SEC revealed that Mubadala Investments purchased $436.9 million of BlackRock’s Bitcoin ETF shares (with the ticker IBIT). Mubadala Investments is one of Abu Dhabi’s sovereign wealth funds, which makes investments on behalf of the Middle Eastern city’s government.

In 2024, the world’s largest asset manager BlackRock — with tens of trillions of dollars under management — disclosed its intentions to expand in the Middle East, focusing on the capital city Abu Dhabi and Riyadh. The recent $437 million purchase of its Bitcoin ETF accentuates BlackRock’s mission to work closely with sovereign wealth funds in the region.

Source: SEC

Interestingly, this latest acquisition is hardly the first time Abu Dhabi’s government — through its various investment entities — would dabble into cryptocurrencies. In 2023, the Abu Dhabi Developmental Holding Company and Marathon Digital revealed plans to launch digital asset mining operations in the capital city.

State Of Wisconsin Investment Board Discloses $321 Million Bitcoin ETF Holdings

Interestingly, BlackRock’s Bitcoin ETF has also enjoyed a fair share of domestic attention in the United States. On Friday, the State of Wisconsin Investment Board also reported an increased exposure to the premier cryptocurrency through the exchange-traded fund.

According to the filing with the SEC, Wisconsin’s pension fund now holds around $321 million in spot Bitcoin ETFs. This represents an estimated 100% increase from the board’s $164 million BTC ETF holdings (previously reported in May 2024).

As of the last filing, the Wisconsin pension fund held approximately 2.4 million (worth approximately $100 million) shares of BlackRock’s iShares Bitcoin Trust and 1 million shares (valued at $64 million) of Grayscale’s Bitcoin Trust (GBTC). However, the latest filing shows that the pension fund has allocated all of its BTC exposure into BlackRock’s exchange-traded fund and no longer holds any shares of GBTC.

It is worth noting that the price of Bitcoin has grown by nearly 70% since May 2024. As of this writing, the premier cryptocurrency is valued at around $97,250, reflecting a mere 1% increase in the past 24 hours. According to data from CoinGecko, the Bitcoin price is up by roughly 90% in the past year.

The price of Bitcoin on the daily timeframe | Source: BTCUSDT chart on TradingView

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President Donald Trump of the United States has signed an executive order for the creation of a sovereign wealth fund for the nation. The order basically contains instructions for the Treasury and Commerce Departments. During the presidential election Trump had given a glimpse into his plans regarding the U.S. sovereign wealth fund. Now it seems like the phrase ‘Trump creates sovereign wealth fund’ will see daylight.

Lack of Sovereign Wealth Fund of the U.S. 

An important question that one might wonder is ‘Does the US have a sovereign wealth fund?’ The answer is that the U.S does not have a sovereign wealth fund till now. However, the signing of the executive order may change that for the nation in the coming year.

Generally, nations with budget surpluses decide to create sovereign wealth funds so that their excess funds can be managed efficiently. A majority of nations with substantial natural resources and robust commodities export have created sovereign wealth funds.

In the context of the U.S., a straightforward plan is in place regarding the new sovereign wealth fund. Its ultimate purpose is to monetize the assets of the national government currently. Thus, it will help create value for the people of America.

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Growth Potential of the Sovereign Wealth Fund of the U.S 

An important question that is bothering many is regarding the size of the Trump executive order sovereign wealth fund. At present, Trump is yet to share any specific details regarding the size of the fund or the target amount. However, in September 2024 when Trump had discussed the subject, he had stated that the U.S. Sovereign Wealth Fund of the United States of America must certainly approach around USD 2 trillion.

At present the largest sovereign wealth fund in the world belongs to Norway and it is the Government Pension Fund Global. According to the Sovereign Wealth Fund Institute, a credible data provider, the value of the sovereign wealth fund stands at USD 1.74 trillion in assets. It is followed by the China Investment Corporation, which has a value of USD 1.33 trillion. The U.S. sovereign wealth fund has the potential to transform the existing sovereign wealth fund landscape.

Future Aspirations of the United States

Trump has bright plans regard the new sovereign wealth fund of the nation. In the words of Trump, the fund may help the nation to purchase Tik Tok. The decision may potentially save the Chinese app that faces the risk of ban in the U.S. The Trump executive order sovereign wealth fund process has already kickstarted, and it may redefine the country’s financial trajectory.

When it comes to the creation of a sovereign wealth fund, the U.S. has not been in the picture. One can understand this by considering the fact that the U.S. runs a budget deficit at present. However, Trump has aspirations to change the past. As stated to reporters by Trump, the sovereign wealth fund of the U.S. will help create a substantial amount of wealth for the country. However, he did not share any clarification or details regarding where the wealth would come from.

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Major Steps Taken by the Trump Administration

The Trump administration has already started taking a number of decisions to support the idea of sovereign wealth fund Trump. A number of plans have been announced with regard to the imposition of tariffs on imports from Canada, Mexico, and China. However, on Tuesday, the levies on Canada and Mexico were put on hold, for a period of 30 days.

According to President Trump, the fund will play a catalytic role in financing promising national endeavours in the future. The funds can support infrastructure projects in the nation relating to roads and airports. Moreover, it can also lead to the advancement of medical research in the U.S. Although the decision regarding the sovereign wealth fund is still in its nascent stage, the administration has been focusing on the idea to carry it forward.

Final Thoughts

The decision of President Trump to sign the executive order regarding the sovereign wealth fund of the U.S. is nothing less than a major milestone for the nation. It can serve as an important development tool that can safeguard future generations in the nation. 

As the sovereign wealth fund will take proper form in the next year, it may redefine the nation’s economic health. The creation of the U.S. sovereign wealth fund could mean a new beginning for the nation as well as its people. Although it is very early to identify the potential of these funds, Trump’s administration is keen to transform it into a major asset for the nation.

In the last few years, sovereign wealth funds have surged at a rapid pace, not only in terms of numbers but also as assets. Before understanding its strategic relevance, it is important to answer the question – ‘What is a sovereign wealth fund?’ A sovereign wealth fund is basically an investment fund that is controlled by the government of a nation.

A majority of Sovereign Wealth Funds serve as development tools, investment accounts, or a fusion of both these things. They are of immense value to a nation. This is because their ultimate purpose is to create value for future generations. By creating such funds, it is possible to contribute to the collective well-being of a country. 

A common sovereign wealth fund example is the Government Pension Fund of Norway. As the topic relating to Sovereign Wealth Funds is quite vast, let us dig deeper to understand it comprehensively.

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What is the Strategic Significance of Sovereign Wealth Funds?

Sovereign Wealth Funds are of immense value to nations. It is essential to remember that they are not temporary in nature. Instead, these funds expand in terms of wealth owing to the ongoing source of capital inflow. The capital inflow comes from the trade surplus of the nation. 

In recent times, ‘Sovereign Wealth Fund Trump’ has generated headlines in different parts of the globe. Before understanding its relevance for the nation, you must broaden your knowledge relating to the strategic importance of sovereign wealth funds.

Injection of Commercial Discipline

Sovereign wealth funds serve as the ultimate tools that add a sense of discipline in the trade and commerce domain. By introducing these elements, it is possible to push state-owned entities and enterprises that are underperforming to perform better. Thus, these businesses can excel in their respective areas and show commendable performance at the national or global level.

Boosting International Investment

One of the fundamental aims of strategic sovereign wealth funds is to drive international investment. These funds can aid de-risk diverse projects by ensuring co-investing along with the private sector. Furthermore, it is possible to attract investments from entities that may be reluctant to invest initially. The involvement of the government in sovereign wealth funds can certainly boost the confidence of investors at diverse levels.

The opportunity relating to international investment can definitely create new and valuable networks. By leveraging these networks, it is possible to have access to expertise in diverse areas. Therefore, a win-win situation can certainly arise for nations as well as state-owned businesses.

Strengthening important sectors

A sovereign wealth fund can act as a catalyst and help diverse sectors of a country perform better. The ‘sovereign wealth fund explained’ guide will remain incomplete if the focus is not laid on its impact on different industries and sectors of a nation. The efforts by a nation relating to these funds can certainly help to strengthen existing sectors and give rise to new sectors. Existing sectors can certainly perform better due to diverse reasons such as the strengthening of local value change as well as the development of human capital.

Solid reputation of a nation

By making dedicated efforts relating to sovereign wealth funds, the reputation of a country can certainly gets better. At the global level, it will showcase the nation’s commitment to securing the future of future generations. That’s not all! The better reputation of the home market at the global level can make it an attractive place to invest. As a result, the nation’s good reputation can ultimately favor businesses.

For every nation across the globe, the value of sovereign wealth funds is high. By focusing on such surplus money that is accrued over a period of time, a nation can strengthen its financial position.

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Sources and Categories of Sovereign Wealth Funds

A sovereign wealth fund is basically a pool of assets that the government of a nation runs with the intention to create economic benefits. Their funding generally occurs from the foreign exchange reserve of a nation. However other sources of these funds may also include bank reserves, trade surplus, surplus revenue from industries dealing in natural resources, etc. Regardless of the source of these funds, they play an instrumental role to stabilize a nation.

In order to understand sovereign wealth funds at a comprehensive level, you must identify their diverse categories. Now that you know – What is a sovereign wealth fund? Let us dive into its varying categories:

• Stabilization Fund – These funds act as common mechanisms that the government of a nation uses. The purpose of a stabilization fund is to safeguard the nation’s economy from major revenue fluctuations. Governments may decide to keep aside certain funds to shield the nation from sudden economic shocks.
• Reserve Investment Fund – The government of a country may decide to set aside reserve investment funds for investment purposes. The chief purpose of such types of funds is to produce funds that can be used as long-term investments. Thus, the intention is to generate higher yields in the future.
• Future Generation Fund – Such types of funds are also called intergenerational savings funds. Various nations all across the globe set up such funds so that they can have ample finance to cater to the costs relating to the elderly population.  It is a good strategic move that can reduce the burden of the government in the future years.
• Pension Reserve Fund – The government of a country may decide to keep separate funds for the purpose of financing its pension system. By maintaining these funds, the government will be able to support pension-related obligations in an efficient manner. Thus, the burden of paying funds will not totally fall on the budget of the nation’s government.

Top Sovereign Wealth Funds List

At present, numerous nations across the globe have sovereign wealth funds, such as Norway, China, Russia, South Korea, and many more. Below is the sovereign wealth funds list that you need to familiarize yourself with.

• Norway’s Government Pension Fund – The Government Pension Fund Global of Norway is undoubtedly one of the largest funds. It is also called the ‘Oil Fund.’ The fund came into existence to invest surplus revenues in the nation’s petroleum sector.
• Abu Dhabi Investment Authority – The Emirate of Abu Dhabi was responsible for creating the fund. The decision was made after realizing that a significant surplus was being generated from its oil industry as well as oil reserves. Its main intention is to reinvest excessive funds in other areas on behalf of the government.
• China Investment Corporation – The fund is responsible for the management of a section of the nation’s foreign exchange reserves. It intends to maximize the returns for the shareholders by balancing the level of risk.
• Kuwait Investment Authority – Kuwait Investment Authority is the oldest sovereign wealth fund in the world. It is responsible for managing the funds of the nation’s government optimally. It is among the top sovereign wealth funds that exist today.

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Creation of Sovereign Wealth Fund for the U.S

The current president of the United States of America has signed an executive order to create a sovereign wealth fund. These funds could potentially help the nation purchase TikTok. The strategic decision has definitely captured global attention.

The decision to create the sovereign wealth fund has the potential to place the nation among other countries that have such funds. The funding mechanism may create immense value for the country and help stabilize its economic state. Although it is too early to think about its exact potential, the decision may open up new possibilities, such as expanding the current infrastructural facilities and boosting existing businesses.

The decision to create a sovereign wealth fund in the U.S. reflects that it has savings. Furthermore, these savings may go up and can be utilized in a constructive manner. These funds have financial, social, or political objectives. Regardless of their objectives, the sovereign wealth fund can create value at the national level.

Conclusion 

A sovereign wealth fund acts as a solid development tool for nations. By creating these funds, nations have the opportunity to focus on their betterment as well as development. In highly uncertain and unpredictable times, it is essential for nations to prioritize the creation of such funds. These funds can certainly ensure that nations have a proper plan in place in relation to the utilization of surplus finance. 

In the long run, these funds can create optimum value for countries and stabilize their position in the global environment. The sovereign wealth funds list certainly gives a glimpse into the rising popularity of these funds for countries. Moreover, the insight into sovereign wealth fund topics can help understand its strategic relevance for nations.