As per 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 price of around $175, the position's value would be roughly $241 million, resulting in an unrealized gain of approximately $69 million.
By December 2025, AIMCo was managing over $140 billion for Alberta's public sector pension plans, establishing it as one of Canada's largest institutional investors. The 13F filing, a quarterly requirement for investment managers with over $100 million in US equity holdings, reveals their portfolio composition at the end of each quarter. According to FactSet, 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 Michael Saylor shifted the company's focus towards 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.