As per 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 purchase price of approximately $125 per share.
Given MSTR's current value of around $175, the position is now worth roughly $241 million, resulting in an unrealized gain of about $69 million. As of December 2025, AIMCo oversees 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 U.S.
equity holdings exceeding $100 million, reveals their portfolio composition at the end of each quarter. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR, consisting of approximately 198,000 shares, between late 2019 and mid-2020. 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 investments, such as Strategy or BlackRock's IBIT, for indirect exposure.