As per its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) for a total 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, reflecting 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 institutional investment managers with U.S. equity holdings exceeding $100 million, reveals their quarter-end positions.
According to FactSet, 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 toward 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 vehicles like Strategy or BlackRock's IBIT.