As indicated in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR) with a total value of $172,473,600. The average cost per share is approximately $125. Given that MSTR's value has surged to around $175, the position is now worth roughly $241 million, resulting in an unrealized gain of approximately $69 million.
By December 2025, AIMCo was managing over $140 billion for Alberta's public sector pension plans, solidifying its position as one of Canada's largest institutional investors. The 13F filing, mandatory for institutional investment managers with U.S. equity holdings exceeding $100 million, discloses their quarterly positions. Historically, AIMCo held a minor stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares, before completely exiting the position in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards Bitcoin as a corporate asset.
In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investment options such as Strategy or BlackRock's IBIT.