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 value of around $175, the position is now worth roughly $241 million, yielding an unrealized gain of approximately $69 million. With over $140 billion in assets under management for Alberta's public sector pension plans as of December 2025, AIMCo is one of Canada's largest institutional investors.
The 13F filing, mandatory for investment managers holding over $100 million in US equities, reveals their portfolio compositions at the end of each quarter. Historical data from FactSet indicates AIMCo previously held a small stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before liquidating the position 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 avenues for exposure, such as Strategy or BlackRock's IBIT.