Central banks in Europe have acquired shares of pro-Bitcoin software firm MicroStrategy, potentially making an indirect bet on the trendy cryptocurrency.
Why apex banks from two of the largest European economies by gross domestic product invested in MicroStrategy is unknown, but two reasons stand out.
Are banks betting on Bitcoin through MSTR?
The Tysons Corner-based company began buying Bitcoin in 2020 under the direction of executive chairman and former CEO Michael Saylor. After initial skepticism toward the blockchain currency, Saylor pitched Bitcoin as a store of value, an inflation hedge, and a superior digital asset.
Given that MicroStrategy is a major Bitcoin buyer, it’s possible that the Norwegian and Swiss central banks sought BTC exposure through MSTR.
This wouldn’t be the first time financial institutions have seemingly made such a play. In July 2023, banks like Goldman Sachs and wealth managers like BlackRock and Fidelity invested millions of dollars in MSTR shares. At the time, Saylor was doubling down on pro-Bitcoin rhetoric and increasingly acting as a corporate BTC evangelist.
Nothingburger
A divergent view suggests that the two apex banks merely view MicroStrategy as a good investment. On X, Patrick Saner, head of macro strategy at Swiss Re, said that nothing indicated a Bitcoin bullish outlook from Norges Bank and the Swiss National Bank.
Despite doubts over Harris’ crypto policy plan and the crypto community’s support for Trump, industry veterans like Coinbase CLO Paul Grewal have emphasized that crypto must remain a non-partisan matter.