As per its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 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, the position is now worth roughly $241 million, resulting in an unrealized gain of approximately $69 million. By December 2025, AIMCo was 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 investment managers with over $100 million in U.S. equities, reveals their portfolio holdings at the end of each quarter. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR, consisting of around 198,000 shares, between late 2019 and mid-2020. The fund completely divested from MSTR in September 2020, shortly after CEO Michael Saylor announced the company's pivot towards holding 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, for indirect exposure.