The Swiss National Bank owns 714,100 shares of Strategy, worth $109.3 million.
That stands out for one reason: Strategy is, for most practical purposes, a Bitcoin holding company with a stock ticker. Switzerland’s central bank, meanwhile, has repeatedly said Bitcoin does not belong in its reserves.
The SNB will not buy Bitcoin directly. But it does hold a stake in the company that owns the most Bitcoin.
What the filing shows
The disclosure reflects the SNB’s holdings as of September 30, 2026. It reports 714,100 shares of Strategy Inc., which trades under the ticker MSTR.
The bank reduced its position by 22,200 shares from the previous quarter, a cut of roughly 3%.
The trend over the year has been a gradual reduction. In Q1 2026, the SNB held 766,100 shares. By Q2, the count had fallen to 736,300 shares, valued at approximately $64–72 million.
Although the share count continued to fall, the position’s value rose to $109.3 million. The bank owns fewer Strategy shares than before, but those shares are worth more.
The stake is small in context. Strategy represents just 0.06% of the SNB’s overall portfolio, which totals around $192 billion.
Why Strategy is a Bitcoin proxy
Strategy has become what the market calls a Bitcoin treasury company. Bitcoin is its primary treasury asset, and it holds more than 850,000 of them.
An institution holding MSTR therefore gets Bitcoin exposure through traditional equity, without wallets or custody arrangements, or the need to explain to a board why the central bank is managing private keys.
A long-running, actively managed position
The SNB did not acquire this stake recently. Its Strategy position dates back at least to 2013, well before the company became synonymous with Bitcoin accumulation.
The stake’s value has fluctuated considerably since then. It peaked at around $303 million in Q2 2025, before subsequent quarterly adjustments reduced it.
The holdings appear in 13F filings, quarterly reports that large institutional managers submit to disclose their US equity positions. Those filings show the SNB’s share count changing throughout 2026.
The awkward stance on Bitcoin itself
The filing is more interesting for its context than for its dollar value. SNB leaders, including Thomas Jordan, have publicly opposed buying Bitcoin directly for reserves.
The central bank’s stance has been consistent: direct Bitcoin purchases for reserve purposes are considered unsuitable.
Yet the bank continues to hold a stake in a company whose balance sheet is dominated by Bitcoin. The positions are not technically contradictory: owning a stock is different from holding an asset as a reserve.
What this means
For investors, the filing is best read in modest terms. The SNB is not making a Bitcoin bet in any meaningful portfolio sense. At 0.06% of its holdings, the stake is too small to indicate a strategic shift.
The filing does show how Bitcoin exposure is entering institutional portfolios through indirect channels. A central bank that publicly rejects Bitcoin as a reserve asset still has exposure through a widely held stock.
Volatility is another consideration. A position that fell from around $303 million to $109.3 million, partly because of selling and partly because of price movements, illustrates how quickly Bitcoin-linked equities can be repriced.
The quarterly trend is also worth watching. The SNB reduced its share count during 2026, from 766,100 in Q1 to 714,100 by the end of Q3. The next round of 13F filings will show whether the steady reduction continues.
