The bank more than doubled its equity position in Strategy Inc. (NASDAQ: MSTR) to 1.2 million shares, a stake now worth approximately $116 million. Strategy Inc., the company formerly known as MicroStrategy, has become the go-to vehicle for institutions that want Bitcoin exposure without the operational headaches of actually holding Bitcoin. AdvertisementThe $116 million position tells an interesting story about timing and conviction. The National Bank of Canada is the sixth-largest commercial bank in Canada by assets. Canadian financial institutions have shown a pattern of using Strategy shares as a Bitcoin proxy, adapting their exposure quarter by quarter as market conditions evolve.