As disclosed in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) with a total investment 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, yielding an unrealized gain of about $69 million. As of December 2025, AIMCo oversees over $140 billion in assets for Alberta's public sector pension plans, making it one of Canada's largest institutional investors.
The 13F filing, mandated by the SEC for institutional investment managers with U.S. equity holdings exceeding $100 million, reveals their quarterly portfolio positions. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR, consisting of approximately 198,000 shares, from late 2019 to mid-2020.
The fund completely divested from MSTR in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a corporate treasury asset in August 2020. In certain regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.