The Swiss National Bank holds 736,300 shares of Strategy, formerly known as MicroStrategy, valued at roughly $72 million, according to its most recent 13F filing. A year of active movementThe SNB’s stake in Strategy has fluctuated considerably over the past year. That context matters because it changes the interpretation of the Strategy stake. If Bitcoin rallies sharply, Strategy shares tend to outperform Bitcoin on a percentage basis because of the leverage embedded in Saylor’s treasury strategy. If Bitcoin sells off hard, Strategy shares can fall even faster.