As disclosed in 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 cost per share of approximately $125.
Given MSTR's current price of around $175, the position is now valued at roughly $241 million, resulting in an unrealized gain of approximately $69 million. As of December 2025, AIMCo managed over $140 billion in assets for Alberta's public sector pension plans, making it one of Canada's largest institutional investors.
The 13F filing, required by the SEC for institutional investment managers with U.S. equity holdings exceeding $100 million, reveals their quarterly portfolio positions. Historical data from FactSet shows that AIMCo previously held a small stake in MSTR, totaling around 198,000 shares, between late 2019 and mid-2020.
The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward holding Bitcoin as a corporate treasury asset in August 2020. In some jurisdictions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through investments like Strategy or BlackRock's IBIT.