Marc Syz and Richard Byworth left Geneva private bank Syz Capital in November 2025. The board of directors revoked approval to build a Bitcoin treasury company within the banking group. It deemed the project too risky.
Since then, both have turned their backs on Syz Capital. Together with Blockstream CEO Adam Back, they founded Future Holdings AG. Their goal is a publicly listed Bitcoin treasury vehicle domiciled in Switzerland. The entity goes to market through Sweden's H100 Group. A listing on the SIX Swiss Exchange is planned for the medium term.
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A family dynasty in crypto conflict
Banque Syz is one of Geneva's established private banks. Eric Syz founded the institution in 1996, together with Alfredo Piacentini and Paolo Luban. Today the Syz Group manages around CHF 25.8 billion, of which CHF 14.3 billion sits in the banking unit. Net profit in 2024 came to CHF 7.6 million. With a CET1 ratio of 25.6 percent, the group stands on solid footing for a private bank of this size.
Marc Syz, the founder's son, built out the alternative investment arm Syz Capital from 2018. This unit most recently managed around CHF 2 billion. In early 2025, it launched the BTC Alpha Fund, a Bitcoin-denominated fund of funds targeting crypto hedge funds. According to the banking group, it was the first such fund from a banking group worldwide.
But the next step went too far for the board. Marc Syz and Byworth wanted to run Future Holdings AG as a crypto treasury company under the Syz Capital umbrella. In response, the board blocked the project and demanded both resign from the Future Holdings board. Instead, they left Syz Capital entirely. Marc Syz still holds around 20 percent of the unit, Byworth around 5 percent. Whether they will remain shareholders is unclear. COO Boris Chave has also since left the bank.
From private bank to Bitcoin vehicle
Richard Byworth brings an unusual biography. He worked at BNP Paribas and Nomura, most recently as Managing Director in London, Tokyo, and Hong Kong. After that, he founded Eqonex Group, the first digital asset ecosystem listed on Nasdaq. In October 2022, he joined Syz Capital as Managing Partner and led the liquid alternatives division.
Now he is building what aims to be Europe's largest Bitcoin treasury company alongside Marc Syz and Adam Back. Future Holdings AG was established in November 2025 and secured USD 35 million at launch. In February 2026, Sweden's H100 Group then acquired the company via a share swap. The transaction value came to SEK 6.9 million through roughly 3.1 million new shares, representing about 1 percent dilution. Future Holdings' equity valuation stood at around CHF 375,000.
H100 currently holds around 1,050 BTC. Additionally, the group has signed a letter of intent to acquire Norwegian firms Moonshot AS and Never Say Die AS. Together, these would contribute roughly 2,450 BTC. After closing, H100 would reach approximately 3,500 BTC (around USD 240 million). Since the Bitcoin pivot, the H100 share has risen 280 percent. Byworth is set to become chair of the board, Marc Syz a board member.
Swiss private banks and the crypto question
The conflict at Syz is emblematic of the tensions facing Swiss private banks. According to Marc Syz, the "safe haven" image alone is no longer enough to compete with local and international players. At the same time, many institutions shy away from the reputational risk of an aggressive crypto strategy.
The Bitcoin treasury model traces back to Strategy Inc. (formerly MicroStrategy). CEO Michael Saylor first bought Bitcoin for USD 250 million in August 2020. Strategy now holds over 761,000 BTC. In total, more than 1.14 million BTC sit on the balance sheets of publicly listed companies, roughly 5.5 percent of Bitcoin's maximum supply. Yet many treasury vehicles are trading near or below their net asset value following the recent price decline. As such, the model has its downsides too.
Meanwhile, the Syz Group emphasizes continuity. A spokesperson told Bloomberg that alternative investments remain "a key pillar" of the bank. Nicolas Syz, the founder's second son, took over as CEO of Banque Syz on February 1, 2026. CFO Christoph Raninger now leads Syz Capital, with Olivier Maurice serving as Deputy CEO.
Dual listing and Swiss exchange ambitions
Marc Syz and Byworth are pursuing two projects in parallel. Beyond the Bitcoin treasury vehicle, they are planning an independent asset management venture as a direct competitor to Syz Capital. This venture will focus on alternative strategies for capital preservation and growth.
For H100 and Future Holdings, they are exploring a dual listing with Stifel Financial Corp., according to media reports. H100 is currently listed on Sweden's NGM Nordic SME. A primary listing on the SIX is nonetheless planned for the medium term. As arguments, the parties cite Switzerland's crypto-friendly regulation, low interest rates, and Europe's third most liquid equity market.
The timeline is ambitious. First, the definitive agreement for the acquisition of Norwegian Bitcoin holdings is due by April 22, 2026. Closing is planned shortly after the annual general meeting on May 21, 2026. Following completion, H100 would rank among the largest Bitcoin holders of Europe's publicly listed companies with roughly 3,500 BTC.
