The Swiss National Bank (SNB) has significantly increased its holdings in Michael Saylor’s MicroStrategy (MSTR) and a range of Bitcoin-related firms, suggesting a subtle, albeit indirect, move to gain exposure to the leading cryptocurrency, according to a report by The Big Whale.
Public filings show the SNB drastically increased its stake in MicroStrategy—which holds over 641,000 BTC as its primary treasury asset—from 47,000 shares to 468,000 shares between June and September 2024, reportedly rising further to 750,000 shares the following year.
The bank’s equity portfolio also includes shares in major Bitcoin mining companies, including Riot Platforms, CleanSpark, Cipher Mining, and Hut8.
The increased allocation comes despite the SNB’s official public position of pursuing a “market-neutral and passive” investment approach, designed to broadly diversify its massive portfolio by replicating entire equity markets like the S&P 500 and Nasdaq.
However, analysts cited in the report suggest the move is a “conscious choice” to gain indirect exposure to Bitcoin while mitigating potential political fallout. One source noted that investing via a listed company like MicroStrategy provides “credible cover while testing the waters,” compared to a direct BTC purchase.
While the percentage increase is substantial, the SNB’s total holdings in these crypto-linked companies remain a minor part of its overall portfolio. Stock tracker Fintel reported that the combined value of the Bitcoin-related firms and Donald Trump’s Trump Media and Technology Group only accounted for 0.16% of the SNB’s estimated $172 billion portfolio.
For comparison, the bank’s exposure to Nvidia has increased sixfold, while its shares in Apple dropped from 70 million in 2022 to 45 million in 2025.
The bank’s investment in MicroStrategy, which is currently not part of the S&P 500, has raised questions, as the SNB states it does not engage in “stock picking, nor does it overweight or underweight particular sectors.” This anomaly supports the theory that the move is a calculated exception for modest Bitcoin exposure.
