Key Highlights
- Marc Syz and Richard Byworth left Banque Syz after reported disagreements over including Future Holdings AG in the bank’s alternative investment unit.
- They are now planning a dual listing for Future Holdings in Sweden and Switzerland and aim to hold over 3,500 Bitcoin.
Marc Syz, a Swiss banker, and his business partner Richard Byworth have reportedly left Banque Syz SA in Geneva, the bank founded by Marc’s father, Eric Syz. The split reportedly followed disagreements over plans to bring Future Holdings AG, a crypto treasury firm, under the bank’s alternative investment unit, Syz Capital, which Marc had led since 2018.
According to a Bloomberg report, Marc Syz is now planning to focus on a dual listing for Future Holdings, which he says will become Europe’s largest Bitcoin treasury firm.
Family clash over bank’s future
The split highlights tensions within the family business over the bank’s future direction. Marc reportedly wanted to focus more on alternative investments, artificial intelligence, and digital assets.
He believes that relying only on Switzerland’s reputation as a safe haven isn’t idle and could limit the growth of the bank.
Syz Capital and its crypto plans
Syz Capital, under Marc’s leadership, grew into managing about 2 billion Swiss francs ($2.5 billion) before he left, although it also experienced some outflows.
The rest of the unit remains at the bank under the CFO, Christoph Raninger, while other executives, including COO Boris Chave, have also recently departed. The relations between Marc and Eric reportedly worsened after the bank refused to let Future Holdings be part of Syz Capital due to board concerns over risk.
Marc and Byworth left entirely after being asked to step down from Future Holdings’ board. Marc owns roughly 20% of Syz Capital, and Byworth 5%, but it is unclear whether they will keep these shares.
Plan to build Europe’s biggest Bitcoin treasury
Marc and Byworth are now reportedly exploring a dual listing of Future Holdings in Sweden and Switzerland with Stifel Financial Corp. They plan for a main listing on the Swiss exchange later.
They are also looking to buy more Bitcoin to hold over 3,500 coins, in a plan to position the firm as a major corporate Bitcoin holder in Europe. Earlier this year, Future Holdings merged with Sweden-listed H100 Group AB to increase its crypto holdings. The firm also signed a strategic acquisition letter of intent to support this goal.
This strategy is a trend, started by Michael Saylor’s Strategy Inc, which lets investors gain equity exposure to Bitcoin without holding the tokens directly. Marc and Byworth believe that Switzerland’s friendly rules, low interest rates, and liquid stock market make the listing attractive.
In addition, both partners are reportedly planning a separate independent asset-management venture to compete with Syz Capital. For Marc, the move marks a break from family tradition and a bet on digital assets.
Also Read: Mt. Gox Moves $500 Worth of BTC After Months, $2B Still Locked
