Key Highlights
- The Swiss National Bank held 714,100 Strategy Inc. shares as of September 30, 2026, down 22,200 shares from the previous quarter.
- The stake was valued at $109.3 million despite the lower share count, while representing only 0.06% of the SNB’s approximately $192 billion portfolio.
- The filing highlights indirect Bitcoin exposure through Strategy, even as SNB leadership, including Thomas Jordan, has rejected direct Bitcoin purchases for reserves.
SNB Cuts Strategy Stake as Position Value Rises
The Swiss National Bank held 714,100 shares of Strategy Inc., traded under the ticker MSTR, as of September 30, 2026, according to the latest disclosure. The position was reduced by 22,200 shares from the previous quarter, representing a decrease of roughly 3%.
The reduction continues a gradual selling trend during 2026. The SNB held 766,100 Strategy shares in the first quarter, before reducing the position to 736,300 shares in the second quarter. Although the share count continued to decline, the value of the holding increased to $109.3 million. The earlier Q2 position was valued at approximately $64 million to $72 million.
Strategy represents a very small part of the SNB’s overall investment portfolio. The company accounts for just 0.06% of the central bank’s holdings, which total approximately $192 billion. The figures therefore indicate a limited equity position rather than a significant shift in the SNB’s broader investment strategy.
Why Strategy Provides Indirect Bitcoin Exposure
Strategy has repositioned itself as what the market describes as a Bitcoin treasury company. Bitcoin is the company’s primary treasury asset, and Strategy holds more than 850,000 Bitcoin. Investors who buy MSTR therefore gain exposure to Bitcoin through a publicly traded equity rather than through direct ownership of the cryptocurrency.
That structure allows an institution to participate in Bitcoin-linked market performance without directly managing wallets, custody arrangements or private keys. The SNB’s Strategy holding is consequently an indirect form of Bitcoin exposure, even though it is legally and operationally different from holding Bitcoin as a reserve asset.
A Long-Standing, Actively Managed Position
The SNB’s investment in Strategy did not begin with the company’s transformation into a Bitcoin-focused treasury business. The position dates back to at least 2013, when Strategy was not yet associated with large-scale Bitcoin accumulation.
The value of the holding has fluctuated significantly over time. It reached approximately $303 million in the second quarter of 2025 before subsequent adjustments reduced its reported value. The changing value reflects both the SNB’s sales of shares and movements in Strategy’s market price.
The position appears in Form 13F filings, quarterly reports used by large institutional investment managers to disclose their US equity holdings. Those filings have documented changes in the SNB’s Strategy share count throughout 2026.
SNB’s Bitcoin Position Remains Indirect
The filing draws attention because SNB leadership, including Thomas Jordan, has publicly rejected the idea of purchasing Bitcoin directly for central-bank reserves. The central bank’s position has been that direct Bitcoin purchases for reserve purposes are unsuitable.
Holding Strategy shares is not technically the same as holding Bitcoin in reserves. Equity ownership represents an investment in a company, while direct Bitcoin ownership would involve treating the cryptocurrency itself as a reserve asset. The SNB’s continued MSTR position therefore does not necessarily contradict its stated policy on direct Bitcoin purchases.
Why This Matters
The SNB’s filing shows how Bitcoin exposure can enter institutional portfolios through indirect channels. A central bank that does not support Bitcoin as a direct reserve asset can still hold a small amount of exposure through a widely traded company whose balance sheet is dominated by Bitcoin.
The position also illustrates the volatility associated with Bitcoin-linked equities. The holding’s value fell from approximately $303 million at its Q2 2025 peak to $109.3 million, reflecting both share sales and market-price movements. Strategy’s equity value can therefore change rapidly alongside broader Bitcoin and cryptocurrency market conditions.
The SNB’s quarterly share-count trend will remain relevant in future disclosures. The bank reduced its position from 766,100 shares in Q1 2026 to 714,100 shares by the end of Q3. The next series of 13F filings will show whether that gradual reduction continues.
Frequently Asked Questions
How many Strategy shares did the SNB hold?
The Swiss National Bank held 714,100 Strategy Inc. shares as of September 30, 2026, after cutting the position by 22,200 shares from the previous quarter.
How much was the SNB’s Strategy position worth?
The holding was valued at $109.3 million and represented 0.06% of the SNB’s approximately $192 billion portfolio.
Does the SNB directly own Bitcoin?
The filing describes an equity holding in Strategy, not a direct Bitcoin reserve position. SNB leadership, including Thomas Jordan, has rejected direct Bitcoin purchases for reserves, while Strategy holds more than 850,000 Bitcoin as its primary treasury asset.
