Canada Pension Plan Investment Board (CPPIB), one of the world’s largest pension funds, has recently purchased shares in Strategy (NASDAQ: MSTR), the biggest corporate holder of bitcoin.
According to a 13F filing for the quarter ended September 30, 2025, CPPIB acquired 393,322 shares of MSTR during Q3, valued at approximately $127 million at the time of filing. With CPPIB holding such an amount of stakes in Strategy Inc., the pension fund company has an indirect exposure to bitcoin at a time when many institutional policies still restrict direct cryptocurrency ownership.
Strategy's Continued Bitcoin Accumulation
The disclosure comes as Strategy continues its aggressive bitcoin accumulation program. With the company's recent purchase of an additional 8,178 BTC between November 10 and November 16, 2025 for $835.6 million, at an average price of $102,171 per BTC.
Strategy now currently holds 649,870 BTC, acquired for an aggregate $48.37 billion at an average price of $74,433 per BTC.
Current Market Value and Funding
As of November 17, 2025, Bitcoin currently trades for $95,400, giving Strategy’s treasury a market value of roughly $62.0 billion and an unrealized gain of approximately $13.6 billion.
The latest purchase is said to have been funded primarily through at-the-market offerings of perpetual preferred stock series STRE and STRC, which raised $715 million and $131.4 million, respectively.
Strategy still has more than $15.8 billion in Class A common stock available for future capital raises as part of its previously announced “42/42” plan targeting $84 billion in total bitcoin acquisitions through 2027.
Institutional Trend and CPPIB's Policy
CPPIB’s move is in line with the general trend of regulated institutions using Strategy shares as an indirect option for Bitcoin exposure. The pension fund, which managed C$646.5 billion valued at $466 billion USD in net assets as of its latest public reporting, maintains strict internal policies that generally prohibit direct holdings of digital assets.