National Bank of Canada has taken a major step toward gaining exposure to Bitcoin, without directly holding the cryptocurrency.
According to the information, the bank revealed the purchase of 1.47 million shares of MicroStrategy (MSTR), the publicly traded company known for being the world’s largest corporate holder of Bitcoin. The acquisition, valued at approximately $273 million, signals a meaningful shift in how a systemically important financial institution approaches digital assets.
A Large Institutional Player Steps In
The transaction comes from one of Canada’s most influential financial organizations.
- •Institution: National Bank of Canada
- •Assets Under Management: Over $577 billion as of October 31, 2025
- •Shares Purchased: 1.47 million MSTR shares
- •Transaction Value: ~$273 million
For a bank bound by strict regulatory and custodial requirements, buying into MicroStrategy offers a compliant pathway to Bitcoin exposure. Instead of navigating complex crypto custody rules, the bank gains access through a traditional equity instrument that mirrors Bitcoin’s performance due to MicroStrategy’s long-standing accumulation strategy.
Why MicroStrategy Is the Vehicle of Choice
MicroStrategy has become synonymous with corporate Bitcoin accumulation. The firm maintains a treasury strategy centered on purchasing and holding large amounts of Bitcoin, making its stock price heavily correlated with Bitcoin’s long-term performance.
For regulated institutions like National Bank of Canada, this offers two advantages:
Indirect Bitcoin Exposure:
Institutions can participate in Bitcoin’s upside through familiar capital-market structures.
Regulatory Alignment:
Buying MSTR avoids the operational, custodial and compliance burdens associated with holding Bitcoin directly.
This method has increasingly become a preferred entry point for legacy financial institutions exploring crypto exposure without stepping outside established regulatory frameworks.
A Strategic Entry Point After a Major Price Drop
The timing of the purchase appears deliberate. MicroStrategy’s stock experienced a sharp decline in the months leading up to the filing:
- •Early June 2025: Over $400 per share
- •December 5, 2025: Near $179 per share
Such a significant pullback may have been viewed as an attractive long-term entry for a large institutional investor seeking discounted exposure to Bitcoin-related assets.
Market analysts currently maintain a “Moderate Buy” rating on MSTR, with consensus price targets pointing to meaningful upside from current levels, another factor supporting the decision.
What This Signals for Traditional Finance
The move stands out as one of the largest indirect Bitcoin exposures taken by a North American bank to date. It reflects growing comfort within major financial institutions regarding Bitcoin-linked assets and suggests broader institutional activity may continue developing in 2026.
Rather than treating Bitcoin purely as a speculative asset class, traditional banks are beginning to view exposure, direct or indirect, as a strategic component of long-term portfolio positioning. National Bank of Canada’s $273 million commitment reinforces this trend and adds to the accelerating convergence between traditional finance and digital asset markets.