As indicated by its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) at a total cost of $172,473,600. This translates to an average cost per share of approximately $125. Given the current value of MSTR at around $175, the position is now worth roughly $241 million, yielding an unrealized gain of about $69 million.
By the end of December 2025, AIMCo was responsible for managing 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, a quarterly requirement for institutional investment managers with U.S. equity holdings exceeding $100 million, provides insight into their portfolio compositions at the end of each quarter.
Historical data from FactSet reveals that AIMCo previously held a stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares. The fund completely divested from MSTR in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a treasury asset in August 2020. In some regions, institutional investors face limitations on directly holding Bitcoin, prompting them to explore alternative means of exposure, such as investments in Strategy or BlackRock's IBIT.