A marketing campaign to require the Swiss Nationwide Financial institution to carry Bitcoin is ready to lapse after failing to collect 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 stated they collected solely about half of the 100,000 signatures required underneath 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 because of issues about volatility and liquidity, Reuters reported.
Marketing campaign founder Yves Bennaim instructed Reuters the hassle was at all times thought-about unlikely to succeed, however stated the initiative helped advance debate round Bitcoin’s position in international finance.
Supporters of the marketing campaign stated Bitcoin might assist diversify Switzerland’s reserves away from dollar- and euro-denominated belongings, which Reuters stated account for roughly three-quarters of the SNB’s international foreign money holdings.
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International locations experiment cautiously with sovereign Bitcoin reserves
Whereas 2025 noticed a wave of publicly traded corporations 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 legal tender. The nation at present holds 7,645 BTC, in keeping with data 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 state-backed mining operations powered by surplus hydroelectric energy as a part of a broader technique to show renewable power right into a digital export and broaden the nation’s position in crypto finance.
Nonetheless, information from Arkham Intelligence reveals Bhutan-linked wallets have sharply reduced 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 sequence of huge transfers and obvious gross sales.
Not like El Salvador and Bhutan, which actively amassed Bitcoin by purchases or mining, the three largest sovereign Bitcoin holders — United States, China and the UK — primarily acquired their holdings by felony seizures and forfeiture proceedings.
Prime 5 nations holding Bitcoin. Supply: BitcoinTreasuries.net
On March 6, 2025, US President Donald Trump signed an govt 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 USA.
Whereas the manager order permits Treasury and Commerce officers to discover budget-neutral methods for buying further Bitcoin, the reserve is initially backed by BTC already held by the federal government by forfeiture proceedings.
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