Switzerland’s central bank has a quiet side hustle in Bitcoin-adjacent investing. The Swiss National Bank holds 736,300 shares of Strategy, formerly known as MicroStrategy, valued at roughly $72 million, according to its most recent 13F filing.
That’s a meaningful position for an institution whose president has explicitly said Bitcoin is not suitable as a reserve asset.
The roundabout Bitcoin trade
Strategy, led by Executive Chairman Michael Saylor, has built its entire corporate identity around accumulating Bitcoin. Its share price moves in close correlation with Bitcoin’s price, making it a de facto proxy for institutional investors who can’t or won’t hold the asset directly.
The SNB has held shares in Strategy since at least 2013, which means the position predates Strategy’s Bitcoin pivot by several years. What began as a straightforward equity holding in a business-intelligence software company has since transformed into indirect cryptocurrency exposure, almost by accident.
