As per 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 roughly $241 million, resulting in an unrealized gain of approximately $69 million.
With over $140 billion in assets under management for Alberta's public sector pension plans as of December 2025, AIMCo is one of Canada's largest institutional investors. The 13F filing, mandatory 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 small stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares, before exiting the position in September 2020, shortly after CEO Michael Saylor's strategic shift toward Bitcoin. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investments, such as Strategy or BlackRock's IBIT, for indirect exposure.