The Czech National Bank launches a $1 million pilot portfolio, marking a historic first.
The Czech National Bank (CNB) has become the first central bank in the world to purchase bitcoin. On November 13, the institution announced the creation of a $1 million pilot portfolio, primarily composed of bitcoin, along with a U.S. dollar–denominated stablecoin and a tokenized deposit.
The pilot project was approved by the bank’s board on October 30 and aims to give the CNB hands-on experience in managing blockchain-based assets.
Project objectives
The CNB’s experimental portfolio is not intended as a traditional investment aimed at growth. The bank clarified that the invested amount will not be actively increased and that the acquisition was made outside the institution’s existing international reserves.
The primary goal is to test operational processes associated with purchasing, custody, and management of blockchain-based digital assets. The CNB has stated its intention to share insights over the next 2–3 years, providing data on how traditional financial institutions can manage digital assets in practice.
The idea of investing in bitcoin was first proposed in January 2025 by CNB Governor Aleš Michl.
“I came up with the idea of creating a test portfolio in January 2025,” said Michl in this morning’s announcement. “The aim was to test decentralised bitcoin from the central bank’s perspective and to evaluate its potential role in diversifying our reserves.”
One factor enabling this decision is the Czech Republic’s status within the European Union. Although part of the EU and under the supervision of the European Central Bank, the country has not adopted the euro as its national currency, granting the CNB a degree of operational independence compared to other central banks on the continent.
