The Swiss private banking sector has seen a significant shake-up over cryptocurrency strategy disagreements. Two top executives at Syz Capital, Marc Syz and Richard Byworth, resigned after the board decided to halt their Bitcoin treasury project, which was considered too risky. The pair subsequently founded Future Holdings AG alongside Adam Back, CEO of Blockstream, with plans to create a publicly listed Bitcoin treasury vehicle in Switzerland. The entity aims to list on the SIX Swiss Exchange and has already secured USD 35 million in funding.
Acquisition of H100 Group and 3,500 BTC Holdings
In February 2026, Future Holdings AG was acquired by Sweden's H100 Group via a share swap valued at approximately SEK 6.9 million. The acquisition positioned H100 to hold about 3,500 BTC, making it one of Europe's largest Bitcoin holders. This move comes amid broader tensions in Swiss private banking over crypto strategies, with Syz Group emphasizing continuity in alternative investments under new leadership.
Industry Context: Divergent Crypto Strategies in Swiss Banking
The incident highlights the deep rift within traditional Swiss financial institutions regarding digital asset strategies. On one hand, banks like UBS have begun offering crypto trading services to private clients; on the other hand, conservative boards remain cautious about direct exposure to high-risk assets like Bitcoin. The internal conflict at Syz Capital is a microcosm of this tension. The resignations of Marc Syz and Richard Byworth, along with the creation of Future Holdings AG, demonstrate that some industry leaders remain confident in Bitcoin's potential as a corporate treasury asset and are willing to push forward via public market instruments.
Notably, Future Holdings AG aims to establish a regulated Bitcoin treasury investment vehicle in Switzerland, similar to the MicroStrategy model in the United States. If successfully listed, it would offer European investors a compliant and liquid channel for Bitcoin exposure. The company has already raised $35 million in seed funding and plans to scale further through the public listing.
Meanwhile, other institutional developments underscore the growing but divergent trend of Bitcoin corporate holdings. El Salvador continues to increase its Bitcoin reserves; DDC Enterprise acquired an additional 200 BTC, bringing its total to 2,583 BTC; and Bitdeer sold all of its weekly Bitcoin production, holding zero BTC. Whether Future Holdings AG can successfully go public and attract more capital will serve as a key test for the maturity of the European Bitcoin treasury market.