The Swiss National Bank (SNB) has unexpectedly entered the spotlight after reports surfaced that it invested $37 million in MicroStrategy shares. The move comes despite repeated rejections by SNB President Martin Schlegel on holding cryptocurrencies directly as part of the nation’s reserves. The development has triggered debate over whether this signals a tactical shift in Switzerland’s approach to digital assets and whether Bitcoin exposure is creeping into central bank strategies indirectly.
SNB Investment in MicroStrategy Raises Eyebrows
According to market filings, the Swiss National Bank made a $37 million purchase in MicroStrategy, a company known for its aggressive Bitcoin acquisitions. MicroStrategy currently holds more than 581,000 Bitcoins, valued at $63 billion as of June 2025. By choosing to invest in the firm, the SNB indirectly links itself to Bitcoin exposure without officially holding the cryptocurrency on its balance sheet.
This move comes at a time when the central bank faces public pressure. In December 2024, a people’s initiative called for the SNB to add Bitcoin reserves directly. While that initiative has yet to be translated into policy, the MicroStrategy investment is viewed by analysts as a subtle step toward digital diversification.
Public Rejection Versus Strategic Reality
SNB President Martin Schlegel has repeatedly dismissed Bitcoin as too volatile and insecure to qualify as a reserve asset. In May 2024, he publicly reiterated that cryptocurrencies were incompatible with the Swiss National Bank’s conservative risk profile. However, this latest investment appears to soften that stance in practice, even if not in words.
Observers argue that the SNB may be employing a pragmatic strategy by investing in equities like MicroStrategy. The central bank benefits from Bitcoin’s upside while avoiding the complications of custody, security, and regulatory conflicts. This layered approach gives the SNB investment a hedge-like quality while allowing officials to maintain their official rejection of direct cryptocurrency holdings.
Central Banks and the Bitcoin Reserve Debate
The SNB’s quiet step into indirect Bitcoin exposure mirrors a broader global debate. Some financial experts suggest central banks may increasingly adopt such tactics, holding exposure through equities instead of outright reserves. The Bitcoin Policy Institute’s 2024 report pointed out that this can occur since institutions can take indirect routes, along with institutional risk aversion and innovation at an institutional level.
At the same time, the European Central Bank (ECB) has criticized Bitcoin very sharply, and its 2024 report characterized Bitcoin’s value as “volatile and socially harmful,” thus supporting Schlegel’s public statements. Yet, this conservative view is now facing pressure as corporate success stories challenge long-held skepticism.
MicroStrategy Success Adds Pressure on Institutions
MicroStrategy’s continued success highlights the growing tension for central banks. The firm recently acquired 22,048 Bitcoins for an average price of $86,969, showcasing its bullish view of the asset over the long term. This audacious strategy solidifies MicroStrategy’s position as a leader in corporate digital asset adoption.
For the SNB, investing in MicroStrategy means aligning with a firm that has made Bitcoin the core of its balance sheet. This indirect step could intensify public calls for more transparent Bitcoin exposure in the Swiss central bank’s reserves. Analysts suggest the SNB investment may not be a one-off move but the beginning of a cautious yet significant shift in Switzerland’s monetary stance.
Conclusion
The Swiss National Bank’s $37 million investment in MicroStrategy has opened a new chapter in the debate over central bank engagement with Bitcoin. While SNB President Martin Schlegel maintains a public stance against direct cryptocurrency holdings, the bank’s investment decisions tell a different story. By securing indirect Bitcoin exposure through equities, the SNB signals a willingness to adapt without openly contradicting its own policies.
This nuanced strategy highlights a growing trend: central banks navigating the fine line between traditional reserve management and the disruptive rise of digital assets. With MicroStrategy’s bold Bitcoin accumulation putting pressure on conventional finance, the SNB investment could mark an early shift in how central banks quietly embrace digital exposure. The conversation around Bitcoin reserves is no longer hypothetical—it is unfolding in real time, with Switzerland at its center.
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