Swiss Central Bank Buys Trump Media Stock, Testing the Boundaries of Neutrality

A January 2025 disclosure revealed that the Swiss National Bank, a central bank majority-owned by Swiss public entities, had purchased roughly 111,300 shares of Trump Media & Technology Group valued at about $1.8 million. The purchase was made in mid-to-late 2024 but became public in January 2025 through an SEC filing reviewed by the ethics watchdog CREW.

Central banks generally hold diversified portfolios and are expected to maintain political neutrality, especially with public funds. Trump Media's value is closely tied to Donald Trump's political standing, making the holding unusual for a foreign government-linked institution to own, even in a small amount.

The Swiss National Bank has described its equity purchases as part of a broad, rules-based investment strategy rather than a political statement. The episode nonetheless became a notable example of how foreign institutions have become financially entangled with Trump's personal business interests.