The Swiss National Bank owns 714,100 shares of Strategy Inc., which trades under the ticker MSTR, according to a recent 13F filing. The position is valued at $109.3 million as of September 30, 2026.
Strategy functions as a Bitcoin treasury company, holding over 850,000 Bitcoin as its primary asset. Through its stake, the SNB gains exposure to Bitcoin via traditional equity markets rather than direct cryptocurrency holdings.
Position changes in 2026
In the third quarter, the SNB reduced its Strategy position by 22,200 shares, a decline of roughly 3% from the previous quarter. The broader trend shows steady selling throughout 2026, with holdings falling from 766,100 shares in Q1 to 736,300 shares in Q2 before reaching 714,100 by the end of Q3.
Despite owning fewer shares, the position's value increased to $109.3 million, up from approximately $64–72 million in Q2. The position peaked at around $303 million in Q2 2025.
The stake represents just 0.06% of the SNB's overall portfolio, which totals around $192 billion.
A long-standing position
The SNB's Strategy holdings date back to at least 2013, long before the company became known for Bitcoin accumulation. The position has been actively managed through quarterly adjustments tracked in regular 13F filings.
The paradox of indirect exposure
SNB leadership, including Thomas Jordan, has publicly stated that direct Bitcoin purchases for reserve purposes are unsuitable. The central bank has consistently rejected the idea of holding Bitcoin as a reserve asset.
However, the bank continues to maintain a significant stake in a company whose balance sheet is dominated by Bitcoin. Owning equity in Strategy differs technically from holding the asset directly as a reserve, allowing the SNB to maintain its stated position while holding indirect Bitcoin exposure.
What the position signals
The SNB's Strategy stake is too small to signal a strategic pivot toward Bitcoin. Rather, it illustrates how Bitcoin exposure can enter institutional portfolios through indirect channels despite public positions against direct holdings.
The volatility of the position—declining from $303 million to $109.3 million through both sales and price movements—demonstrates that Bitcoin-linked equities can experience significant repricing. Future 13F filings will show whether the SNB continues its steady reduction of shares throughout 2026.
