As disclosed in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) with a total value of $172,473,600. This translates to an average cost per share of approximately $125. Given MSTR's current price of around $175, the position is now valued at roughly $241 million, reflecting an unrealized gain of about $69 million.
With over $140 billion in assets under management for Alberta's public sector pension plans as of December 2025, AIMCo stands as one of Canada's largest institutional investors. The 13F filing, mandatory for institutional investment managers with U.S. equity holdings exceeding $100 million, reveals their quarterly portfolio positions. Historically, AIMCo held a minor stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before exiting the position entirely in September 2020, shortly after CEO Michael Saylor's strategic shift toward Bitcoin as a corporate treasury asset in August 2020.
In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.