As disclosed in its latest quarterly 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) at a total cost of $172,473,600. This translates to an average purchase price of approximately $125 per share.
Given the recent surge in MSTR's value to around $175, AIMCo's position is now estimated to be worth about $241 million, resulting in an unrealized gain of roughly $69 million. By the end 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, mandated by the SEC for investment managers with U.S. equity holdings exceeding $100 million, provides quarterly insights into their portfolio compositions.
Historical data from FactSet reveals that AIMCo previously held a minor stake in MSTR, consisting of around 198,000 shares, between late 2019 and mid-2020. The fund completely divested from this position in September 2020, shortly after Michael Saylor announced the company's strategic shift toward adopting Bitcoin as a treasury asset in August 2020.
In some regions, institutional investors face regulatory hurdles that restrict direct Bitcoin ownership, prompting them to explore alternative investment avenues, such as Strategy or BlackRock's IBIT.