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 investment of $172,473,600. This translates to an average cost per share of approximately $125. Given the current rally of MSTR to around $175, the value of this position is now estimated at roughly $241 million, resulting in an unrealized gain of about $69 million. As of December 2025, AIMCo was responsible for managing over $140 billion in assets 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 U.S. equity holdings exceeding $100 million, provides insight into AIMCo's portfolio at the end of each quarter. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR from late 2019 to mid-2020, comprising about 198,000 shares.
The fund completely divested from MSTR 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 means of exposure through vehicles like Strategy or BlackRock's IBIT.