Michl said he will present the plan to the board on Thursday. If approved, the bank could allocate up to 5% of its €140 billion ($146.13 billion) reserves to bitcoin, the FT reported.
"For the diversification of our assets, bitcoin seems good," Michl said.
He added that bitcoin’s value would likely rise even without the support of US President Donald Trump, as it remains an alternative investment for many.
Bitcoin recently hit a record high following Trump’s inauguration, after he pledged to be a "crypto president."
The cryptocurrency has more than doubled in value in 2024, driven by the US regulator’s approval of exchange-traded funds tied to its spot price and expectations of looser regulations under Trump.
Michl also noted growing investor interest in bitcoin, particularly since BlackRock and other firms introduced bitcoin exchange-traded funds last year.