A marketing campaign to require the Swiss Nationwide Financial institution to carry Bitcoin is ready to lapse after failing to assemble sufficient signatures to set off a nationwide referendum, Reuters reported.
The initiative sought to amend Switzerland’s structure to require the central financial institution to carry Bitcoin (BTC) alongside gold and international foreign money belongings, however organizers mentioned they collected solely about half of the 100,000 signatures required beneath Swiss legislation.
The Swiss Nationwide Financial institution (SNB) has repeatedly opposed including cryptocurrencies to its holdings, saying digital belongings don’t meet its reserve administration requirements resulting from issues about volatility and liquidity, Reuters reported.
Marketing campaign founder Yves Bennaim instructed Reuters the hassle was all the time thought-about unlikely to succeed, however mentioned the initiative helped advance debate round Bitcoin’s position in international finance.
Supporters of the marketing campaign mentioned Bitcoin might assist diversify Switzerland’s reserves away from dollar- and euro-denominated belongings, which Reuters mentioned account for roughly three-quarters of the SNB’s international foreign money holdings.
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Nations experiment cautiously with sovereign Bitcoin reserves
Whereas 2025 noticed a wave of publicly traded firms undertake Bitcoin treasury methods, sovereign adoption of Bitcoin as a reserve asset has remained restricted.
El Salvador was the primary nation to formally undertake Bitcoin as a part of a sovereign reserve technique after President Nayib Bukele started authorities BTC purchases in 2021 alongside the nation’s transfer to make Bitcoin authorized tender. The nation presently holds 7,645 BTC, in line with information from BitcoinTreasuries.com.
Supply: Nayib Bukele
Bhutan, additionally one of many world’s largest sovereign holders of Bitcoin, constructed a lot of its treasury by way of state-backed mining operations powered by surplus hydroelectric vitality as a part of a broader technique to show renewable vitality right into a digital export and broaden the nation’s position in crypto finance.
Nevertheless, information from Arkham Intelligence reveals Bhutan-linked wallets have sharply diminished their holdings in latest months, with reserves falling from round 13,000 BTC on the finish of 2024 to roughly 3,654 BTC by April 2026 following a collection of enormous transfers and obvious gross sales.
In contrast to El Salvador and Bhutan, which actively gathered Bitcoin by way of purchases or mining, the three largest sovereign Bitcoin holders — United States, China and the UK — primarily acquired their holdings by way of felony seizures and forfeiture proceedings.
High 5 nations holding Bitcoin. Supply: BitcoinTreasuries.internet
On March 6, 2025, US President Donald Trump signed an government order establishing a Strategic Bitcoin Reserve capitalized with government-held Bitcoin, stating that BTC held by the reserve “shall not be bought” and can be maintained as reserve belongings of the US.
Whereas the chief order permits Treasury and Commerce officers to discover budget-neutral methods for buying extra Bitcoin, the reserve is initially backed by BTC already held by the federal government by way of forfeiture proceedings.
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