As per its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) at a cost 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, yielding 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 is one of Canada's largest institutional investors.
The 13F filing, a quarterly requirement for investment managers with over $100 million in U.S. equities, reveals their portfolio composition at the end of each quarter. Historical data from FactSet indicates that AIMCo previously held a modest stake in MSTR, approximately 198,000 shares, between late 2019 and mid-2020. The fund completely divested from MSTR in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards Bitcoin as a treasury asset in August 2020.
In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investment avenues such as Strategy or BlackRock's IBIT.