Alberta Makes History: First Canadian Province Buys MSTR

Welcome to the Bitcoin Balance Sheet. Each Monday, we recap last week's key developments and share our publication's leading stories.

Strategy held its fire, but the rest of the field kept moving — preferred stock instruments hit new records, pension funds made their proxy Bitcoin bets official, and Jack Mallers laid out the most ambitious corporate Bitcoin vision since Saylor wrote the playbook.

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First Canadian Province Buys MSTR

Alberta's AIMCo disclosed a $219 million stake in Strategy — 1.38 million MSTR shares and the first Bitcoin-linked allocation by any Canadian province. Louisiana and Ohio teacher pension funds also increased their Strategy positions in Q1, by 15.1% and 6.7% respectively.

Government money continues to find its way to Strategy. The compliance workaround is the same everywhere: equity exposure achieves what direct custody cannot. When a Canadian province pension is in, the "too risky for institutions" argument is basically dead.

Strive crosses 15,000

Strive officially bought 444 BTC, pushing its total holdings past 15,000 — slightly more than our own mid-week SATA estimate of 371 BTC. The instrument crossed $100 par multiple times, triggering ATM issuances that converted investor demand directly into Bitcoin.

The milestone puts Strive within 389 BTC of Coinbase — and the #8 spot on the public company leaderboard. SATA's flywheel is now finding its rhythm.

Strategy holds its powder

Strategy raised $82 million through MSTR common stock last week but purchased zero Bitcoin — its first blank week in some time. The company confirmed it will resume buying this week.

STRC is currently at $99.93 — just 7 basis points below par. A move above par would unlocks a fresh wave of institutional demand: last month STRC raised $2.5 billion in a single week, and an insider told BitcoinTreasuries.Net it could have raised $4 billion — but chose not to. If it clears par this week, the capital flood restarts.

A look at the leaderboard

Strive's 444 BTC purchase this week brings its official total to 15,000 BTC, placing it just 389 BTC behind Coinbase at #8 — the closest it has ever been. Strategy did not file a new purchase tnis week but remains comfortably atop the rankings at over 818,000 BTC, Block bought 114.89 BTC, RemixPoint 40.02 BTC, and The Smarter Web Company 28 BTC all added modest positions without changing their rank order.

Eyes this week are on whether Strategy's STRC crosses $100 par again — one strong session could be enough for Michael Saylor to raise billions to buy tens of thousands of Bitcoin.

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• o21 Solutions. o21 develops and implements Bitcoin-powered corporate strategy, transforming value chains with strategic expertise and tailored advisory services, with a focus on both Treasury and Operations - balance sheet accumulation, mining, and payments. Reduce cycle time through the corporate Bitcoin adoption journey through our pre-packaged or tailored engagements. Learn more: o21 Solutions

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