The Czech National Bank (CNB) made a notable shift in its investment strategy during the second quarter of 2025, increasing its exposure to the cryptocurrency sector through US equities.
According to a quarterly filing submitted to the US Securities and Exchange Commission (SEC), the central bank acquired 51,732 shares of Coinbase Global. The Brian Armstrong-led firm is the largest US-based cryptocurrency exchange and the only crypto firm in the S&P 500 index.
Czech National Bank’s Crypto Pivot
The position, valued at over $18 million, marks the bank’s first direct investment in a publicly traded crypto company.
The financial regulator has not publicly commented on the rationale behind its updated portfolio. According to the filing, the CNB held approximately $12.8 billion in US-listed equities as of June 30.
Market analysts noted that the move aligns with the bank’s strategy of holding S&P 500 constituents as part of its reserves. This approach allows the firm to gain indirect exposure to fast-evolving industries like crypto and artificial intelligence.
“An asset under consideration is Bitcoin. It currently has zero correlation to bonds and is an interesting asset for a large portfolio. Worth considering,” said Czech National Bank Governor, Aleš Michl.
Meanwhile, the Coinbase investment comes amid broader pro-crypto signals from CNB leadership. Earlier this year, Governor Aleš Michl stated his intention to allocate a portion of the country’s reserve holdings into Bitcoin.
Though no such purchase has been confirmed, the announcement has sparked significant market interest. If realized, the move could position the Czech National Bank as one of the first Western central banks to hold Bitcoin on its balance sheet.
Michl has emphasized the importance of studying Bitcoin and its underlying blockchain technology rather than dismissing it. In his view, a better understanding of Bitcoin could strengthen central banks by equipping them for the evolving financial space.
“I stated that bitcoin is highly volatile and could one day be worth one of two extremes – either zero or a huge amount. I also stressed that bitcoin is a high-risk asset for professional investors who are aware of all the risks,” Michl noted.
Tomas Greif, chief product officer at Braiins Mining, noted that even without a direct Bitcoin allocation, the CNB now holds indirect exposure through Coinbase and Tesla. He added that this exposure could increase further once MicroStrategy joins the S&P 500.
Still, Greif cautioned that if the CNB intends to buy Bitcoin directly, the window for entering at favorable prices may be closing.
For now, the bank’s actions indicate a cautious yet deliberate interest in the crypto sector. This signals a potential shift in how traditional financial institutions view digital assets in their reserves.
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