The ambitious movement to integrate Bitcoin into the Swiss National Bank’s (SNB) official reserves has come to a halt. Organizers of the campaign recently announced they failed to gather the 100,000 signatures necessary to trigger a national referendum under Switzerland’s direct democracy system. Despite the momentum behind digital assets globally, the initiative only secured about half of the required support before the legal deadline lapsed.
The proposed constitutional amendment aimed to mandate that the SNB hold Bitcoin (BTC) alongside its traditional assets of gold and foreign currencies. Proponents argued that the move would diversify Switzerland’s wealth, reducing its heavy reliance on the US dollar and the Euro, which currently make up roughly 75% of the central bank’s foreign currency holdings. However, the SNB maintained a firm stance against the proposal, citing concerns over Bitcoin’s high volatility and lack of liquidity compared to traditional reserve assets.
The Global Landscape of Sovereign Bitcoin Reserves
While the Swiss initiative faltered, the concept of “Sovereign Bitcoin” continues to gain traction elsewhere, albeit with varying levels of success and different methods of acquisition. El Salvador remains the pioneer in this space, having integrated Bitcoin into its national strategy since 2021. As of early 2026, the country holds approximately 7,645 BTC. Meanwhile, Bhutan has taken a more industrial approach, utilizing its surplus hydroelectric power to mine Bitcoin, though recent data from Arkham Intelligence suggests the kingdom has significantly reduced its holdings from 13,000 BTC in late 2024 to about 3,654 BTC by April 2026.
Interestingly, the largest holders of Bitcoin are not always those who buy it on the open market. The United States, China, and the United Kingdom currently hold some of the world’s largest digital asset stashes, primarily through criminal seizures and legal forfeitures. This “accidental” accumulation has recently shifted toward a more intentional policy in the West.
US Shifts Strategy with the Strategic Bitcoin Reserve
In a landmark move for digital finance, US President Donald Trump signed an executive order on March 6, 2025, officially establishing a Strategic Bitcoin Reserve. Unlike previous administrations that typically liquidated seized assets, this order mandates that Bitcoin held by the government “shall not be sold” and must be maintained as a formal reserve asset of the United States.
This policy change marks a pivot from treating Bitcoin as mere criminal evidence to viewing it as a tool for national economic security. While the US reserve is currently capitalized by assets acquired through forfeiture, the executive order gives Treasury and Commerce officials the green light to explore “budget-neutral” ways to acquire even more. As Switzerland steps back from the digital frontier, the US move suggests that the debate over Bitcoin’s role in global finance is only just beginning.
