As per its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) valued at $172,473,600. The average cost per share was approximately $125, but with the current price at around $175, the position is now worth 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 a prominent Canadian institutional investor.
The 13F filing, required by the SEC for investment managers with over $100 million in US equity holdings, reveals AIMCo's quarterly positions. Historically, AIMCo held a small stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before exiting the position in September 2020, following CEO Michael Saylor's strategic shift toward Bitcoin. 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.