National Bank of Canada invests $273M in Strategy
One of Canada’s largest banks has acquired a significant stake in Strategy, signaling sustained institutional interest in gaining exposure to Bitcoin through equities and expectations of renewed growth for “digital gold.”
According to BitcoinTreasuries.NET, the National Bank of Canada — one of the country’s six largest banks — purchased 1.47 million shares of MicroStrategy worth $273 million. The information drew attention because large institutional purchases of shares in companies like Strategy indirectly influence market perception of Bitcoin.
As Coincu reports, historical data shows significant changes in Bitcoin’s price following institutional investments in cryptocurrency-linked equities.
“We welcome institutional interest in Bitcoin through our equity, as it reflects growing confidence in digital assets,” said Michael Saylor, CEO of Strategy.
Faith in Bitcoin and Michael Saylor
In recent weeks, Saylor has faced considerable criticism as someone attempting to sell “Bitcoin at a premium,” as MSTR shares are often described.
MSTR stock daily chart. Source: TradingView
However, the National Bank of Canada ignored this sentiment, perhaps due to the current Bitcoin downturn, where MSTR has fallen 28% over the past month and 52% over six months, trading at around $179 at the time of writing.
A return of Bitcoin to growth — and especially a possible attempt to reach a new all-time high before the end of the year, as some experts suggest — could drive strong gains in MSTR, which appears to be what the buyer is betting on.
As we wrote, Strategy price drops — what’s behind today’s move
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