As indicated by its Q1 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 cost per share of approximately $125.
Given the current share price of around $175, the position is now valued at roughly $241 million, resulting in an unrealized gain of approximately $69 million. As of December 2025, AIMCo was responsible for managing over $140 billion in assets on behalf of Alberta's public sector pension plans, establishing it 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, provides insight into their portfolio compositions at the end of each quarter. Historical data from FactSet reveals that AIMCo previously held a minor stake in MSTR, comprising around 198,000 shares, between late 2019 and mid-2020.
The fund completely divested from this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a treasury asset in August 2020. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative means of exposure, such as investments in Strategy or BlackRock's IBIT.