As disclosed in 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 share price of approximately $125. Given the current share price of around $175, the value of this position is now 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 stands as one of Canada's most prominent institutional investors.
The 13F filing, mandated by the SEC for investment managers overseeing more than $100 million in U.S. equities, reveals their quarterly portfolio holdings.
Historical data from FactSet shows that AIMCo previously held a minor stake in MSTR from late 2019 to mid-2020, consisting of around 198,000 shares, before completely divesting in September 2020, shortly after the company's strategic shift towards Bitcoin under Michael Saylor's leadership. In some regions, institutional investors face limitations on directly holding Bitcoin, prompting them to explore alternative investment vehicles such as Strategy or BlackRock's IBIT for indirect exposure.