Two major European central banks—Norway’s Norges Bank and the Swiss National Bank (SNB)—have reportedly acquired significant shares in MicroStrategy (MSTR), a company widely known for its Bitcoin-focused investment strategy. According to Nasdaq’s official shareholder data, the Norwegian and Swiss central banks now hold 1.1 million and 466,000 shares of MicroStrategy, respectively, sparking speculation about their motivations.

Are Central Banks Indirectly Betting on Bitcoin?

One prevailing theory suggests that these sovereign financial institutions see Bitcoin as a long-term store of value and have chosen to gain exposure through MicroStrategy, the largest corporate holder of BTC in the U.S..

Under the leadership of Michael Saylor, MicroStrategy has been aggressively accumulating Bitcoin since 2020, building a massive BTC reserve worth over $13 billion. Given this, it is plausible that the central banks view MSTR as a proxy investment for Bitcoin, without directly holding the cryptocurrency.

This wouldn’t be the first instance of institutional investors favoring MSTR for indirect BTC exposure. In 2023, Goldman Sachs, BlackRock, and Fidelity invested millions in MicroStrategy, amid growing corporate interest in Bitcoin.

An Alternative Explanation: A Strategic Equity Investment

Not everyone believes this move is a pro-Bitcoin statement from the central banks. Patrick Saner, head of macro strategy at Swiss Re, dismissed the idea that Norges Bank and SNB are betting on Bitcoin. Instead, he suggested that the banks might simply see MicroStrategy as an attractive equity investment due to its strong market performance and strategic growth.

MicroStrategy and Bitcoin’s Growing Adoption

Despite the debate over intent, this development is a positive signal for both MicroStrategy and the broader Bitcoin market. Institutional interest in Bitcoin has surged in recent years, with:

  • El Salvador legalizing Bitcoin as an official currency
  • Wall Street firms managing over $50 billion in Bitcoin ETFs in less than a year
  • U.S. presidential candidates debating a national Bitcoin reserve strategy

Former U.S. President Donald Trump has been vocal in his support for Bitcoin, proposing pro-crypto policies that could encourage greater adoption. Meanwhile, current Vice President Kamala Harris, who is expected to be the Democratic nominee, has yet to clarify her stance on crypto regulation.

Conclusion

Whether Norges Bank and SNB invested in MicroStrategy for its Bitcoin exposure or as a strategic equity move, their participation reinforces institutional confidence in MSTR. As Bitcoin adoption accelerates globally, central bank involvement—even indirectly—could signal a broader mainstream acceptance of digital assets.

The original post was featured on Crypto.News

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