Swiss central bank holds $72M in Strategy shares as Bitcoin proxy

The Swiss National Bank holds 736,300 shares of Strategy, formerly MicroStrategy, valued at roughly $72 million, according to its most recent 13F filing. The position gives the central bank indirect exposure to Bitcoin through a company whose share price tracks the cryptocurrency closely.

SNB President Martin Schlegel has publicly said Bitcoin is not suitable as a reserve asset, citing volatility and liquidity concerns. The bank's equity stake in Strategy, however, has grown into a de facto Bitcoin proxy position as the company led by Executive Chairman Michael Saylor has accumulated 842,138 BTC.

The SNB has held shares in Strategy since at least 2013, predating the company's Bitcoin pivot by several years. What began as a business-intelligence software holding has since transformed into indirect cryptocurrency exposure. The bank added roughly 50,720 shares as recently as May 2026, suggesting active management of the position.

Holdings fluctuated between approximately 466,000 shares at the low end and 766,000 shares at the peak in early 2026, before settling at the current 736,300. The Q2 2026 13F filing, submitted in August, reported the position at approximately $64 million at filing time; the $72 million figure reflects more recent market pricing as Strategy's share price moved higher.

The SNB's equity investments are a byproduct of currency intervention rather than conventional asset allocation. When the bank buys foreign equities, it is recycling excess reserves from franc-selling operations designed to prevent excessive currency appreciation. Strategy happens to be one of many global equities in that basket.

The risk profile is asymmetric. If Bitcoin rallies sharply, Strategy shares tend to outperform on a percentage basis because of the leverage embedded in Saylor's treasury strategy. If Bitcoin sells off hard, Strategy shares can fall faster. The SNB gets both the upside participation and the amplified downside, wrapped in a stock certificate.

The position comes as Bitwise Chief Investment Officer Matt Hougan projects trillions of dollars flowing into Bitcoin from institutions over the next decade. Hougan estimates that a 1 percent allocation from institutions controlling $100 trillion to $200 trillion in assets could support his long-term price target of $1.3 million per coin by 2035.

Schlegel's reluctance to move into direct Bitcoin holdings reflects a broader debate inside central banking circles. The SNB's official reasoning centers on volatility and liquidity concerns. The indirect exposure through Strategy does not resolve those concerns — it sidesteps them.

This article is for informational purposes only and does not constitute investment advice.