According to 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 worth roughly $241 million, resulting in an unrealized gain of approximately $69 million. As of December 2025, AIMCo managed over $140 billion in assets for Alberta's public sector pension plans, solidifying its position as one of Canada's largest institutional investors. The 13F filing, mandated by the SEC for investment managers with over $100 million in US equity holdings, reveals AIMCo's portfolio at the end of each quarter. Historical data from FactSet shows that AIMCo previously held a small stake in MSTR between late 2019 and mid-2020, comprising around 198,000 shares.
The fund completely divested from the company in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards 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 investment options, such as Strategy or BlackRock's IBIT, for indirect exposure.