In its latest quarterly 13F filing, Alberta Investment Management Corporation (AIMCo) disclosed the purchase of 1,382,000 shares of Strategy (MSTR), valued at $172,473,600. This translates to an average cost per share of approximately $125. Given MSTR's current value of around $175, AIMCo's position is now worth roughly $241 million, yielding an unrealized gain of about $69 million. As a major Canadian institutional investor managing over $140 billion for Alberta's public sector pension plans as of December 2025, AIMCo's investment moves are closely watched.
The 13F filing, required by the SEC for institutional investment managers with U.S. equity holdings exceeding $100 million, reveals AIMCo's portfolio at the end of each quarter. Historical data from FactSet shows AIMCo previously 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.
This move occurred shortly after Strategy's CEO, Michael Saylor, shifted the company's focus towards Bitcoin as a corporate treasury asset in August 2020. For institutional investors facing restrictions on directly holding Bitcoin in certain jurisdictions, seeking exposure through alternative instruments like Strategy or BlackRock's IBIT has become a strategy.