The Swiss National Bank (SNB) is reportedly increasing its exposure to bitcoin (BTC) — albeit indirectly — by upping its shares in Michael Saylor’s Strategy, and other BTC-related firms.
That’s according to a report from The Big Whale, who spoke to various Swiss bankers and BTC think tanks about the bank’s approach to the asset.
It found that the SNB upped its allocation of Strategy shares from from 47,000 to 468,000 between June and September 2024. The following year, these shares increased to 750,000.
Its portfolio also includes shares in BTC mining firms Riot Platforms, CleanSpark, Cipher Mining, and Hut8, as well as Donald Trump’s Trump Media and Technology Group.
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By way of contrast, it’s dropped its shares in Apple from 70 million in 2022, to 45 million in 2025, while its shares in Nvidia have increased sixfold.
It claims that “behind the subdued tone and the professed neutrality of the Swiss National Bank, a bold movement seems to be emerging: that of an exposure, albeit indirect, but very real, to Bitcoin.”
Bitcoin shares are just a fraction of the Swiss bank’s portfolio
Stock tracker Fintel, however, notes that these various BTC firms, including Trump’s company, only make up 0.16% of the bank’s $172 billion portfolio, leaving 99.94% of its portfolio exposed to other industries.
NVIDIA and Apple’s shares alone are equal to 7.6% and 6.3% of its holdings, while Strategy represents 0.14%.
The Big Whale acknowledges that the BTC-related shares are a “tiny fraction” of its US stock portfolio. However, it still believes that the SNB is exposing itself “modestly” to BTC.
It also claimed that the SNB adopts a “neutral and passive” strategy towards its investments, which are modelled on the S&P500 and Nasdaq. It then suggests that because Strategy isn’t a part of the S&P500, the indirect exposure through share acquisition is possibly a “conscious choice.”
Indeed, the SNB’s website claims it “pursues as market-neutral and passive an investment approach as possible by replicating individual equity markets in their entirety and thereby broadly diversifying its investments.
Read more: Strategy’s preferred shares spell out an unfortunate acronym: FCKD
“In principle, the SNB does not engage in stock picking, nor does it overweight or underweight particular sectors,” it says.
However, it’s unclear why Strategy’s specific non-inclusion in the S&P500 makes it a less neutral purchase. Indeed, Strategy has tried to apply for the S&P 500 in the past, but was rejected in September. It’s also still a part of the NASDAQ 100.
Swiss National Bank might be avoiding ‘political blow’
Owner of the BTC think tank 2B4CH Yves Bennaïm argues that, “Buying Strategy is like buying a Nasdaq stock, liquid, and unwavering. But in reality, it puts it under the scrutiny of the SEC. It has to file form 13F like any other US fund.”
He also claims the bank’s Strategy holdings equate to an indirect exposure to specifically 1,500 BTC. It’s unclear why.
One Geneva banking source told The Big Whale that the Strategy investment is “a way of cushioning the political blow.”
They added, “If she announced tomorrow that she had bought BTC, it would cause a considerable stir. By investing through a listed company, she ensures credible cover while testing the waters.”
Strategy holds 641,205 BTC as part of its operations, worth just over $56 billion. However, as BTC’s price has dwindled in recent weeks, so has the company’s market cap, falling below the price of its BTC holdings.
This fall may have also eaten into Saylor’s personal wealth.
Protos has reached out to Yves Bennaïm for comment and will update this piece should we hear back.
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Source: https://protos.com/is-the-swiss-national-bank-cozying-up-to-bitcoin/
