Canadian Pension Fund Manager AIMCo Invests Heavily in Strategy, Amassing $69 Million in Unrealized Profits

As indicated in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR), valued at $172,473,600. This equates to an average cost per share of around $125. Given MSTR's current price of approximately $175, the position's value would be roughly $241 million, translating to an unrealized gain of about $69 million.

AIMCo, a major Canadian institutional investor managing over $140 billion for Alberta's public sector pension plans as of December 2025, has made a substantial investment. The 13F filing, a quarterly requirement for investment managers with U.S. equity holdings exceeding $100 million, discloses their quarterly positions.

Historically, AIMCo held a minor stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before completely exiting the position 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 seek indirect exposure through investments like Strategy or BlackRock's IBIT.