A campaign to compel the Swiss National Bank (SNB) to hold Bitcoin as part of its official reserves is expected to formally lapse after organizers failed to collect the required number of signatures to trigger a national referendum. According to a report from Reuters, the initiative fell short by a significant margin, gathering only about half of the 100,000 signatures needed under Swiss law to force a public vote on a constitutional amendment.
Campaign fails to gain traction amid SNB opposition
The proposed amendment would have required the SNB to hold Bitcoin alongside gold and foreign currency assets. However, the central bank has consistently opposed the inclusion of digital assets in its reserves, citing concerns over volatility and liquidity. The SNB has stated that Bitcoin does not meet its stringent standards for reserve management, which prioritize stability and immediate availability.
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Campaign founder Yves Bennaim acknowledged the long odds from the start, telling Reuters that the effort was always considered unlikely to succeed. Despite the outcome, Bennaim framed the initiative as a success in advancing the debate around Bitcoin’s role in the global financial system. Supporters argued that adding Bitcoin could help diversify Switzerland’s reserves, which are heavily weighted toward dollar- and euro-denominated assets—reportedly accounting for roughly three-quarters of the SNB’s foreign currency holdings.
Sovereign Bitcoin adoption remains a mixed picture
The failure of the Swiss campaign underscores the persistent challenges of sovereign Bitcoin adoption, even as some countries and corporations have moved forward. While 2025 saw a wave of publicly traded companies adopting Bitcoin treasury strategies, government-level adoption has remained limited and uneven.
El Salvador remains the most prominent example of a sovereign Bitcoin adopter, having begun government purchases in 2021 alongside making Bitcoin legal tender. The country currently holds 7,645 BTC, according to data from BitcoinTreasuries.com. Bhutan has also been a notable holder, building its treasury through state-backed mining operations powered by surplus hydroelectric energy. However, data from Arkham Intelligence shows Bhutan-linked wallets have sharply reduced their holdings, falling from around 13,000 BTC at the end of 2024 to roughly 3,654 BTC by April 2026 following a series of large transfers and apparent sales.
In contrast, the three largest sovereign Bitcoin holders—the United States, China, and the United Kingdom—primarily acquired their holdings through criminal seizures and forfeiture proceedings rather than active accumulation. On March 6, 2025, former U.S. President Donald Trump signed an executive order establishing a Strategic Bitcoin Reserve capitalized with government-held Bitcoin, with a directive that the BTC “shall not be sold.” The order allows Treasury and Commerce officials to explore budget-neutral strategies for additional acquisitions, but the reserve is initially backed only by Bitcoin already in government possession.
What this means for the broader Bitcoin adoption narrative
The Swiss campaign’s failure highlights the significant institutional and political barriers to integrating Bitcoin into national reserve strategies. While the debate has gained visibility, central banks like the SNB remain wary of Bitcoin’s price volatility and its relatively untested role as a reserve asset. The contrast between active sovereign adopters like El Salvador and passive holders like the U.S. illustrates the wide range of approaches—and the lack of consensus—on Bitcoin’s place in national treasuries.
Conclusion
The lapse of the Swiss Bitcoin reserve campaign marks a clear setback for advocates seeking to institutionalize Bitcoin at the central bank level. However, the initiative succeeded in generating public discussion about diversification and the future of reserve assets. As sovereign adoption remains fragmented, the debate is likely to continue, shaped by market developments, regulatory changes, and the evolving risk assessments of central banks worldwide.
FAQs
Q1: Why did the Swiss Bitcoin reserve campaign fail?
The campaign failed to collect the required 100,000 signatures to trigger a national referendum. Organizers gathered only about half that number.
Q2: What was the Swiss National Bank’s position on the proposal?
The SNB opposed the initiative, stating that Bitcoin does not meet its reserve management standards due to concerns about volatility and liquidity.
Q3: Which countries hold the most Bitcoin as sovereign reserves?
The largest sovereign holders are the United States, China, and the United Kingdom, though they primarily acquired Bitcoin through criminal seizures. El Salvador and Bhutan are active accumulators, with El Salvador holding 7,645 BTC as of early 2026.
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