The Czech National Bank (CNB) may become the first European central bank to invest in Bitcoin as part of its diversification strategy for the country’s foreign exchange reserves.

CNB Governor Aleš Michl is set to present his Bitcoin (BTC) acquisition plan to the bank’s upcoming board meeting on Thursday, Jan. 30, Michl told the Financial Times.

If approved, the investment could amount to over $7.3 billion in Bitcoin purchases, given the CNB’s total reserves of more than $146 billion, according to André Dragosch, head of research at Bitwise.

Dragosch noted the significance of the proposal in a Jan. 29 post on X, writing:

“Just to put this into perspective: These BTC purchases alone would be equivalent to around 5.3 months of newly mined Bitcoin supply.”

The news comes three weeks after Michl said he was looking at Bitcoin as a potential reserve asset earlier this month when he said he was considering acquiring “a few Bitcoin” for diversification.

However, as of Jan. 7 the bank was not considering a Bitcoin investment, Janis Aliapulios, an adviser to the board, told Cointelegraph, adding that the bank plans to increase its gold holdings to 5% of its total assets by 2028.

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This is a developing story, and further information will be added as it becomes available.