As indicated in 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 that MSTR's value has surged to around $175, the position is now valued at about $241 million, representing an unrealized gain of approximately $69 million.
By December 2025, AIMCo was overseeing more than $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, mandated by the SEC for institutional investment managers with over $100 million in U.S.
equity holdings, discloses their quarterly positions. Historical data from FactSet reveals that AIMCo previously held a minor stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before fully exiting the position in September 2020, shortly after CEO Michael Saylor's strategic shift toward Bitcoin as a corporate treasury asset in August 2020.
In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.