cryptobriefing.com
21 m
The Swiss National Bank owns 714,100 shares of Strategy, a position worth $109.3 million.
That is notable 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 doesn’t belong in its reserves.
The SNB won’t buy Bitcoin through the front door. It does hold a stake in the company that owns the most of it.
Point your phone camera to install
4.8 based on 40K reviews in the App Store and Google Play
The disclosure reflects the SNB’s holdings as of September 30, 2026. The position covers 714,100 shares of Strategy Inc., which trades under the ticker MSTR.
Compared to the previous quarter, the bank trimmed the position by 22,200 shares. That works out to a cut of roughly 3%.
The trend over the year has been gradual selling. In Q1 2026, the SNB held 766,100 shares. By Q2, that number had slipped to 736,300 shares, valued at approximately $64–72 million.
The share count kept falling, yet the position’s value climbed to $109.3 million. The bank owns less Strategy than it did, but what it owns is worth more.
For scale, the stake is small. Strategy accounts for just 0.06% of the SNB’s overall portfolio, which totals around $192 billion.
Strategy has transformed itself into what the market calls a Bitcoin treasury company. Its primary treasury asset is Bitcoin, and it holds over 850,000 of them.
So when an institution holds MSTR, it is getting Bitcoin exposure through traditional equity. No wallets, no custody arrangements, no explaining to a board why the central bank now manages private keys.
The SNB did not wander into this stake recently. Its Strategy position dates back to at least 2013, long before the company became synonymous with Bitcoin accumulation.
The stake’s value has swung considerably since then. It peaked at around $303 million in Q2 2025, before adjustments in subsequent quarters brought it down.
The holdings show up in 13F filings, the quarterly reports that large institutional managers file to disclose their US equity positions. Those filings have shown the SNB’s share count shifting throughout 2026.
Here is where the story gets more interesting than the dollar figure. SNB leadership, including Thomas Jordan, has publicly rejected the idea of buying Bitcoin directly for reserves.
The central bank’s position has been consistent. Direct Bitcoin purchases for reserve purposes are viewed as unsuitable.
And yet the bank continues to manage a stake in a company whose balance sheet is dominated by Bitcoin. The two positions are not technically contradictory. Owning a stock is a different decision from holding the asset as a reserve.
For investors, the most useful reading of this filing is modest. The SNB is not making a Bitcoin bet in any meaningful portfolio sense. At 0.06% of holdings, the stake is too small to signal a strategic pivot.
What it does illustrate is how Bitcoin exposure is seeping into institutional portfolios through indirect channels. A central bank that publicly rejects Bitcoin as a reserve asset still ends up with exposure to it via a widely held equity.
The volatility is the other side of that coin. A position that fell from around $303 million to $109.3 million, partly through selling and partly through price moves, is a reminder that Bitcoin-linked equities can reprice fast.
The quarterly trend is also worth tracking. The SNB has trimmed its share count across 2026, from 766,100 in Q1 to 714,100 by the end of Q3. Whether that steady reduction continues will show up in the next round of 13F filings.
