National Bank of Canada Buys $659 Million in MicroStrategy Shares – 260% Increase in Q3 2025

National Bank of Canada significantly boosted its exposure to MicroStrategy (MSTR) in the third quarter of 2025, reporting holdings of 2.04 million shares valued at nearly $659 million as of September 30.

This position represents a 260% increase from the previous quarter and accounts for 0.66% of the bank’s $100 billion U.S. equity portfolio. By investing in MicroStrategy—the largest corporate Bitcoin holder with approximately 671,000 BTC acquired at an average price of $66,400—the Canadian bank gains substantial indirect Bitcoin exposure without directly owning cryptocurrency. The move underscores growing institutional appetite for Bitcoin-linked equities amid rising prices, spot ETF availability, and corporate treasury adoption trends in late 2025.

Details of National Bank’s MicroStrategy Position

The Q3 2025 13F filing reveals:

• Shares Held: 2.04 million MSTR.
• Value: ~$659 million (at September 30 prices).
• Quarterly Increase: +260% in share count.
• Portfolio Weight: 0.66% of $100B U.S. equities.
• Indirect BTC Exposure: Equivalent to thousands of Bitcoin through MSTR’s treasury.

This allocation positions National Bank among notable institutional holders of Bitcoin proxy stocks.

Why Institutions Like National Bank Are Buying MicroStrategy

MicroStrategy’s strategy of aggressively accumulating Bitcoin—now holding ~671,000 BTC worth tens of billions—makes MSTR a leveraged play on Bitcoin’s price. Banks and funds restricted from direct crypto ownership can gain exposure via regulated equities.

• Indirect Access: Compliant way to allocate to Bitcoin without custody challenges.
• Leveraged Upside: MSTR often amplifies BTC moves due to premium valuation.
• Treasury Trend: Follows corporate adoption wave led by MicroStrategy.
• ETF Complement: Pairs with spot Bitcoin ETFs for diversified exposure.
• 2025 Context: Rising BTC prices and institutional inflows drive interest.

Broader Trend: Institutional Interest in Bitcoin-Linked Assets

National Bank’s increased stake reflects wider patterns:

• Corporate Treasuries: Dozens of firms adding BTC reserves.
• Proxy Stocks: MSTR, miners, and related equities attract traditional portfolios.
• ETF Growth: Spot products pull in billions, normalizing crypto allocation.
• Canadian Angle: Joins peers exploring digital assets amid global competition.

Such moves highlight Bitcoin’s maturation as an asset class for diversified institutional portfolios.

In summary, National Bank of Canada’s Q3 2025 purchase of 2.04 million MicroStrategy shares (~$659M, +260% QoQ) provides significant indirect Bitcoin exposure through the leading corporate holder of ~671,000 BTC. Representing 0.66% of its U.S. equity book, the position exemplifies growing institutional comfort with Bitcoin-linked assets in regulated forms. Monitor 13F filings and treasury updates for continued trends in this evolving intersection of traditional finance and cryptocurrency.