Swiss National Bank holds $109.3 million in Strategy shares, a side door to Bitcoin
The Swiss National Bank owns 714,100 shares of Strategy Inc. worth $109.3 million, gaining indirect Bitcoin exposure while maintaining its stance against direct cryptocurrency holdings.
The disclosure reflects the SNB's holdings as of September 30, 2026. Compared to the previous quarter, the bank trimmed its position by 22,200 shares, a reduction of roughly 3%. This continues a year-long trend of gradual selling, with the SNB holding 766,100 shares in Q1 2026 and 736,300 in Q2.
Despite reducing the share count, the position's value has climbed to $109.3 million. For scale, Strategy accounts for just 0.06% of the SNB's overall portfolio, which totals around $192 billion.
Bitcoin proxy
Strategy has transformed itself into what the market calls a Bitcoin treasury company, holding over 850,000 Bitcoin as its primary treasury asset. When institutions hold MSTR, they gain Bitcoin exposure through traditional equity without managing private keys or custody arrangements.
The SNB won't buy Bitcoin through the front door. It does hold a stake in the company that owns the most of it.
Long-running position
The SNB's Strategy position dates back to at least 2013, long before the company became synonymous with Bitcoin accumulation. The stake's value has swung considerably, peaking at around $303 million in Q2 2025 before adjustments brought it down.
These holdings appear in 13F filings, quarterly reports that large institutional managers file to disclose their US equity positions. The filings show the SNB's share count shifting throughout 2026, with a steady reduction from 766,100 in Q1 to 714,100 by Q3.
Awkward stance
SNB leadership, including Thomas Jordan, has publicly rejected the idea of buying Bitcoin directly for reserves. The central bank's position has been consistent, viewing direct Bitcoin purchases for reserve purposes as unsuitable.
The two positions aren't technically contradictory—owning stock differs from holding the asset as a reserve. The stake doesn't represent a strategic pivot for the SNB but illustrates how Bitcoin exposure is seeping into institutional portfolios through indirect channels.
The position's volatility is notable, falling from around $303 million to $109.3 million partly through selling and partly through price moves. Whether the steady reduction continues will show up in the next round of 13F filings.
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