Canada Pension Plan opens major MicroStrategy position as fund discloses $142B portfolio

Canada Pension Plan Investment Board (CPPIB) has disclosed 1,346 total holdings in its latest SEC filings. The most recent portfolio value is calculated to be $ 142,419,517,113 USD. Actual Assets Under Management (AUM) is this value plus cash (which is not disclosed).                                        

The Canada Pension Plan Investment Board is one of the largest institutional investors in the world, with over $142 billion in assets reported in its latest regulatory filings. The new 13F filings reveal that in Q3 2025, the fund decided to open a significant position in MicroStrategy.

Canada Pension Plan Investment Board enters Strategy

At the end of Q3, the Strategy position was valued at $127 million. However, with the subsequent decline in the stock, the exposure was reduced to $80 million.

This fluctuation reflects the highly volatile nature of the MSTR stock, which is strongly correlated with the price of Bitcoin. CPPIB chose Strategy because many pension funds cannot purchase Bitcoin directly due to internal rules or regulatory hurdles. Strategy offers an already listed, regulated alternative that complies with SEC requirements.

On the other hand, the Canada Pension Plan Investment Board holds quite a spread of stocks. To date, its holdings include NVIDIA Corporation (US: NVDA), Microsoft Corporation (US: MSFT), Apple Inc. (US: AAPL), Amazon.com, Inc. (US: AMZN), and Broadcom Inc. (US: AVGO). 

Canada Pension Plan Investment Board stock holdings: Source Fintel

CPPIB’s new positions include Netskope, Inc. (US: NTSK), Strategy Inc (US: MSTR), Klarna Group plc (US: KLAR), Amrize AG (US: AMRZ), and Peloton Interactive, Inc. Additionally, CPPIB’s top industries include “Textile Mill Products,” “Coal Mining,” and “Agricultural Services.” 

Strategy acquires $835 million worth of Bitcoin

The crypto market has been in the red. Despite that, MSTR has bought the dip. The company has acquired an additional 8,178 BTC for $835.6 million, at an average price of $102,171 per BTC.

This sizable buy was financed mostly through the sale of the company’s latest preferred offering, STRE, or Steam. These buys brought Strategy’s high yields to European investors, raising about $715 million earlier this month. The company also raised $131.4 million via its STRC, or Stretch, preferred series, per a Monday morning filing.

Bitcoin purchase. Source: Strategy SEC filing

Total holdings are now 649,870 BTC acquired for $48.37 billion, or $74,433 each. Trading at $199 early Monday, MSTR’s enterprise value now sits only barely above the value of Bitcoin on its balance sheet. Bitcoin is trading at $94,500 on Monday, down slightly from Friday’s levels.

The purchase follows last week’s $49.9 million paid for 487. As reported by Cryptopolitan, Strategy also reported over $15.8 billion in Class A common stock still available for issuance and sale, leaving room for future Bitcoin purchases.

Strategy is now trading below NAV

As earlier reported by Cryptopolitan, Strategy Inc., a business intelligence company turned Bitcoin treasury, fell below its net asset value on Friday for the first time in nearly two years. This came as Bitcoin slipped back under the $100,000 mark after holding that level for about three days.

Last week’s gloom on the crypto market extended into Monday and took Bitcoin briefly below $95,000, which also pushed Strategy’s stock under $200 per share, dragging its market-to-NAV ratio to 0.977x. 

According to market watchers, the fall in Strategy’s NAV could mean investors are worried about its shares’ dilution, leverage and the structure of the company’s Bitcoin-heavy balance sheet. The company frequently issues stock to acquire more BTC, a business plan that leans on the shares trading at a premium to the Bitcoin the firm buys.

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