TLDR
- Swiss National Bank holds 736,300 Strategy shares.
- The MSTR stake is worth about $70 million at recent prices.
- The holding gives the SNB indirect exposure to Bitcoin.
- TD Cowen maintains a Buy rating on Strategy stock.
- TD Cowen’s MSTR price target stands at $400.
The Swiss National Bank holds 736,300 shares of Strategy, giving Switzerland’s central bank indirect exposure to Bitcoin through one of the largest corporate Bitcoin holders. The position comes even as SNB leadership maintains that cryptocurrencies do not meet its standards for official currency reserves.
Strategy shares were trading near $94.83 on Thursday, valuing the SNB position at about $69.8 million at the latest market price. The Q2 filing covered holdings as of June 30 and was submitted on August 11. The SNB disclosed a US equity portfolio worth about $191.4 billion across 2,301 positions.
Swiss National Bank Holds 736,300 MSTR Shares
The SNB held 736,300 Strategy shares at the end of the second quarter, down from 766,100 shares in the previous quarter. That means the central bank reduced its position by 29,800 shares, or about 3.9%, during Q2 rather than adding to the holding.
The position nevertheless gives the SNB indirect exposure to Bitcoin because Strategy has built its corporate treasury strategy around accumulating the cryptocurrency. Movements in Bitcoin can therefore affect MSTR shares, although Strategy remains a publicly traded company carrying its own corporate, financing and operating risks.
The SNB’s ownership also predates Strategy’s Bitcoin strategy. The central bank held shares in the company when it was primarily known for business intelligence software, before Strategy began using Bitcoin as a major treasury asset. The holding forms part of the SNB’s much larger portfolio of US-listed equities rather than a disclosed direct Bitcoin investment.
SNB Maintains Opposition to Bitcoin as Reserve Asset
SNB Chairman Martin Schlegel has opposed adding Bitcoin directly to Switzerland’s official reserves. Speaking in April 2025, Schlegel said cryptocurrency “cannot currently fulfil the requirements for our currency reserves,” citing concerns around liquidity and large price swings.
The distinction separates the SNB’s Strategy equity position from an official Bitcoin reserve policy. Buying MSTR shares does not mean the central bank owns Bitcoin directly, while a reserve allocation would place the cryptocurrency itself on the SNB balance sheet as part of its monetary reserves.
Schlegel has also cited security concerns and the need for reserve assets that can be traded quickly when monetary policy requires action. Those conditions have kept the SNB from backing proposals that would require Bitcoin to join gold among Switzerland’s reserve assets.
Amundi and National Bank of Canada Expand MSTR Holdings
Other large financial institutions have increased their Strategy positions. Amundi raised its MSTR holdings by 148% to about 1.32 million shares, while National Bank of Canada more than doubled its position to roughly 1.2 million shares.
TD Cowen maintains a bullish outlook on Strategy stock, setting a $400 price target while keeping its Buy rating. The firm raised its previous target from $395 after Strategy accumulated Bitcoin faster than analysts had expected.
The forecast is based partly on Strategy’s continued use of capital markets to fund Bitcoin purchases. The company raised about $1.95 billion through its STRC preferred equity product during the second quarter, with much of the proceeds directed toward additional Bitcoin acquisitions.
TD Cowen estimates Strategy could acquire roughly 100,000 BTC during the quarter, above its earlier projections. The $400 target would represent substantial upside from MSTR’s recent trading level near $95, although the stock remains closely tied to Bitcoin prices and Strategy’s ability to continue raising capital.
