As per its recent 13F filing for the first quarter, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) with a total value of $172,473,600. This translates to an average cost per share of approximately $125.
Given that MSTR's value has surged to around $175, the position is now estimated to be worth roughly $241 million, resulting in an unrealized gain of approximately $69 million. By December 2025, AIMCo had assets under management exceeding $140 billion for Alberta's public sector pension plans, solidifying its position as one of Canada's largest institutional investors. The 13F filing, a quarterly requirement by the SEC for institutional investment managers with over $100 million in U.S. equity holdings, reveals their holdings at the end of each quarter.
Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR between late 2019 and mid-2020, consisting of around 198,000 shares. The fund completely divested from the 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 limitations on directly holding Bitcoin, prompting them to explore alternative investment options such as Strategy or BlackRock's IBIT.