According to 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 around $125.
Given MSTR's current price of approximately $175, the position's value now stands at roughly $241 million, marking an unrealized gain of about $69 million. As of December 2025, AIMCo managed 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 for institutional investment managers with U.S. equity holdings exceeding $100 million, discloses their quarterly positions.
Historical data from FactSet reveals that AIMCo previously held a minor stake in MSTR, consisting of approximately 198,000 shares, between late 2019 and mid-2020. The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a corporate treasury asset in August 2020. 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.