National Bank Doubles Down on MSTR, Boosting Bitcoin Exposure

The National Bank of Canada has significantly boosted its investment in Strategy Inc., a company formerly known as MicroStrategy. The bank now holds 1.2 million shares, up from an earlier disclosed position, and valued at approximately $116 million.

This move suggests growing confidence in Strategy's Bitcoin accumulation thesis, which involves using debt and equity offerings to fund its purchases of the cryptocurrency. By investing in MSTR, institutional investors can gain exposure to Bitcoin without directly holding it, a strategy that has gained traction among Canadian financial institutions.

Strategy Inc.'s Executive Chairman Michael Saylor has led the company's aggressive accumulation of Bitcoin on its balance sheet, transforming it from an enterprise software company into something akin to a publicly traded Bitcoin fund. The bank's decision to more than double its share count indicates a strong commitment to this approach.