On Nov. 13, 2025 the Czech National Bank (CNB) directly purchased Bitcoin in a $1 million pilot operation, becoming the first central bank to acquire the cryptocurrency. The operation is part of an experimental portfolio that also included a USD stablecoin and a tokenized deposit, designed to compare operations and risks. The move is relevant to regulators, institutional treasuries and crypto-asset markets that watch precedents in reserve management.
The purchase was presented by the CNB as a controlled experiment: a $1 million pilot within a “test portfolio” intended to study the management of digital assets and the operational differences between Bitcoin, stablecoins and tokenized deposits. Governor Aleš Michl had promoted in January 2025 a formal study on the viability of Bitcoin as a reserve asset, and the purchase reflects the materialization of that research into a practical test.
The CNB started the pilot with an observation horizon of 2–3 years to collect operational and risk data. Stablecoin: a digital currency whose value is referenced to a fiat currency or another asset to reduce volatility.
Context and impact of the purchase of Bitcoin
The scale of the operation —limited to $1 million— suggests an experimental intention and not an effort to influence price or global liquidity; its value lies in the operational and custody lessons the bank obtains. The CNB’s move contrasts with the orientation of other European issuers toward CBDCs or controlled digital currencies, and acts as a possible precedent for central banks considering including decentralized assets in their treasuries.
The CNB’s test may generate practical and symbolic effects that extend beyond its balance sheet and into policy and market discussions.
Acceleration of internal testing: other central banks could replicate pilots to assess custody, reconciliation and governance. With a limited impact on liquidity: the small size minimizes the risk of distorting the spot market.
As a verifiable milestone, the CNB has set an experimental period of 2–3 years to evaluate operationality, risks and usefulness of these assets for monetary policy and reserve management; the results will determine whether the experience remains an isolated test or serves as a replicable model.
