As indicated by its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) at a cost of $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, yielding an unrealized gain of about $69 million. As one of Canada's largest institutional investors, AIMCo managed over $140 billion in assets for Alberta's public sector pension plans as of December 2025.
The 13F filing, mandatory for institutional investment managers with U.S. equity holdings exceeding $100 million, discloses their quarterly positions. Historical data from FactSet reveals that AIMCo previously held a minor stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares, before exiting the position entirely in September 2020, shortly after CEO Michael Saylor's strategic shift toward Bitcoin.
In some regions, institutional investors face restrictions on holding Bitcoin directly, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.