As indicated in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) with a total value of $172,473,600. The average cost per share is approximately $125. Given the current price of MSTR at 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 for Alberta's public sector pension plans, establishing itself 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 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 CEO Michael Saylor shifted the company's focus towards Bitcoin as a treasury asset in August 2020. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investments, such as Strategy or BlackRock's IBIT, for exposure to the cryptocurrency market.