According to 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 about $241 million, reflecting an unrealized gain of roughly $69 million. As of December 2025, AIMCo managed 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, required by the SEC for investment managers with over $100 million in US equity holdings, discloses quarterly position updates. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares.
The fund completely exited this position in September 2020, shortly after CEO 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.