Global Navigation Satellite Systems (GNSS) contribute to various Earth observation applications. The present study investigates the potential and limitations of the Global Positioning System (GPS) to estimate in situ water equivalents of the snow cover (snow water equivalent, SWE) by using buried GPS antennas. GPS-derived SWE is estimated over three seasons (2015/16–2017/18) at a high Alpine test site in Switzerland. Results are validated against state-of-the-art reference sensors: snow scale, snow pillow, and manual observations. SWE is estimated with a high correspondence to the reference sensors for all three seasons. Results agree with a median relative bias below 10% and are highly correlated to the mean of the three reference sensors. The sensitivity of the SWE quantification is assessed for different GPS ambiguity resolution techniques, as the results strongly depend on the GPS processing.