Banque Syz, the Swiss private bank with 25.8 billion Swiss francs in assets under management, has been hit by an internal split over a plan tied to 3,500 Bitcoin. Bloomberg reported that Marc Syz had sought to bring crypto treasury company Future Holdings AG under Syz Capital, but the bank’s board withdrew its approval on risk grounds. Marc Syz and business partner Richard Byworth then exited the bank, followed by chief operating officer Boris Chave.
Board reversal triggered a wave of departures
The proposal had come close to completion. It centered on folding Future Holdings AG into Syz Capital, the alternative assets arm led by Marc Syz. Syz Capital manages about 2 billion Swiss francs, with Marc holding roughly 20% and Byworth about 5%. After the board changed course, the two were asked to step down from Future Holdings board positions. Instead, they left the broader banking group. Syz Capital is now being overseen by group CFO Christoph Raninger.
The departures landed during a sensitive moment for the family-controlled bank. Bloomberg said Nicolas Syz, Marc’s brother, became CEO in February 2026, while Suzanne Syz, wife of founder Eric Syz, also sits on the board. What began as a disagreement over a crypto-related plan turned into a broader management and family rupture.
AUM has stayed flat over five years
In size, the Bitcoin plan was small relative to the bank’s total assets. The report said the holding would have represented about 0.9% of Banque Syz’s total AUM. At the end of 2024, the bank’s overall assets under management stood at 25.8 billion Swiss francs, essentially unchanged from five years earlier.
Eric Syz founded Banque Syz in 1996, and the family’s business roots trace back to the 1850s textile trade. In 2020, the bank sold its Oyster retail asset management business and focused on high-net-worth clients. Based on the available details, the dispute was not only about crypto exposure. It also reflected a strategic divide over growth at a boutique private bank whose asset base has stalled.
Future Holdings is raising capital for a larger Bitcoin treasury strategy
After leaving, Marc Syz and Richard Byworth turned their attention to Future Holdings. Bloomberg said the company had already merged with Sweden-listed H100 Group AB and raised 28 million Swiss francs, or about $34.5 million. The next step is to work with Stifel Financial Corp on a dual listing in Sweden and Switzerland, with a later goal of moving to Switzerland’s main market.
Marc Syz has set out a public target of holding more than 3,500 Bitcoin and building Europe’s largest Bitcoin treasury company. He also plans to launch an independent asset management firm focused on capital preservation and alternative growth strategies, placing it in direct competition with Syz Capital.
Bitcoin treasury model faces a tougher valuation test
The report also placed the move in the context of the listed Bitcoin treasury model, where companies use equity market premiums to fund Bitcoin purchases and expand their market exposure. That approach is often compared with the path taken by Michael Saylor’s Strategy Inc. But after crypto prices pulled back, several listed Bitcoin treasury companies have traded at or below net asset value.
Based on the estimate cited in the report, 3,500 Bitcoin would be worth about $350 million. Reaching that level would require continued fundraising, and that in turn depends on whether investors are still willing to award a premium to this type of vehicle. Banque Syz is left with a private bank whose asset base has barely moved in years. Marc Syz has chosen a Bitcoin treasury route that depends heavily on market sentiment and access to capital.