Swiss National Bank's $72M Strategy Stake Reflects Indirect Bitcoin Exposure

The Swiss National Bank holds 736,300 shares of Strategy (formerly MicroStrategy), valued at approximately $72 million. This position is a result of the bank's equity investments in foreign currencies, not a direct investment in Bitcoin.

Strategy has built its corporate identity around accumulating Bitcoin and its share price moves closely with Bitcoin's price. The SNB has held shares in Strategy since at least 2013 and added roughly 50,720 shares as recently as May 2026.

The bank's stake in Strategy fluctuated over the past year, ranging from approximately 466,000 shares to around 766,000 shares. The Q2 2026 13F filing reported the position at approximately $64 million, and the current figure reflects more recent market pricing.

While holding a broad basket of global equities, including Strategy, is not a conviction trade on Bitcoin, it does come with a risk of asymmetry. If Bitcoin rallies sharply, Strategy shares tend to outperform Bitcoin on a percentage basis due to leverage embedded in Saylor's treasury strategy.