Switzerland’s central bank, the SNB, is famously cautious. It governs currency policy, keeps a watchful eye on inflation, and operates under a model of broad diversification and market neutrality. Yet recent filings and industry chatter suggest the SNB is doing something a little more adventurous — albeit subtly. According to new reporting from The Big Whale, the SNB has increased its indirect exposure to Bitcoin by buying shares in companies deeply tied to cryptocurrencies.
Let’s unpack what’s going on and why this might matter.
What’s Changed—the Numbers Nehind the Shift
The Big Whale traced the SNB’s holdings in MicroStrategy Incorporated (ticker MSTR) — the U.S. firm led by Michael Saylor that holds large Bitcoin reserves. According to the report, the SNB’s shares in MicroStrategy jumped from 47,000 to 468,000 between June and September 2024. By the following year, that number reportedly climbed to 750,000 shares.
Beyond MicroStrategy, the SNB appears to hold stakes in shares of Bitcoin-mining firms — such as Riot Platforms, CleanSpark, Inc., Cipher Mining Inc. and Hut 8 Mining Corp. — and even in companies like Trump Media & Technology Group.
Contrast this with other parts of its portfolio: the SNB reportedly scaled back its share in Apple Inc. from 70 million shares in 2022 to 45 million in 2025, while its stake in NVIDIA Corporation increased roughly six-fold over the same period.
Despite the headlines, these crypto-strategy stocks still represent a tiny fraction of the SNB’s total holdings. According to stock-tracker Fintel, the combined shares in those BTC-related firms account for roughly 0.16% of the SNB’s estimated $172 billion U.S. stock portfolio — leaving 99.84% in non-crypto sectors. Strategy (MicroStrategy) itself represents about 0.14% of holdings.
Why it’s Surprising
On paper, the SNB’s moves don’t look radical. The amounts are small and the style remains indirect. But the shift is meaningful because it suggests a central bank—to date very cautious about Bitcoin—is quietly testing the waters. When a major institution linked with currency stability takes this tack, it raises eyebrows.
The SNB publicly describes its strategy as “market-neutral and passive,” following broad equity markets (such as the S&P 500 and Nasdaq) and avoiding specific sector bets. Yet MicroStrategy isn’t part of the S&P 500. That raises the possibility that this stake wasn’t purely passive — but rather a deliberate, low-profile exposure to the Bitcoin ecosystem. One Geneva banking insider told The Big Whale that buying a listed company like MicroStrategy “is a way of cushioning the political blow” — allowing the SNB to gain exposure while avoiding the headline risk of a direct Bitcoin purchase.
Crypto think-tank founder Yves Bennaïm links the MicroStrategy stake to roughly 1,500 BTC of implicit exposure, underlining just how indirect this move is.
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What Comes Next
For now, the SNB’s exposure remains modest. That means the risk is limited — but part of the point is exactly that: small “tests” in an otherwise huge portfolio. Should Bitcoin rally significantly, the names tied to it (like MicroStrategy) could move big and shift the contours of exposure. Conversely, if Bitcoin drops hard… the risk is manageable.
Still, the move triggers questions. Does it reflect a change in mindset at the SNB? Are central banks beginning to accept crypto, even if indirectly? While direct Bitcoin holdings by the SNB haven’t been reported, these developments show the institution paying more attention to Bitcoin-linked equities.
The official line from the bank remains firm: it does not engage in stock-picking or overweighting sectors. Yet analysts argue that this investment appears to deviate from that doctrine—even if only slightly.
The Takeaway
Think of it like this: the Swiss National Bank dipped a toe into the Bitcoin pool—but it isn’t swimming yet. It used a listed investment (MicroStrategy) to test waters quietly. The amounts are small, the risk limited, and the stakes measured—but the move signals something: that even cautious institutions are considering indirect crypto exposure.
Whether it becomes something bigger remains to be seen. For now, the SNB shows us how the modern financial world works: slow, deliberate shifts, hidden beneath public neutrality. Even giants can surprise you — quietly.