As per 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, yielding 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 is one of Canada's largest institutional investors.
The 13F filing, a quarterly requirement for investment managers with over $100 million in US equity holdings, reveals their portfolio composition at the end of each quarter. Historically, AIMCo held a small stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares, before exiting the position entirely in September 2020, shortly after the company's strategic shift toward Bitcoin under CEO Michael Saylor's leadership. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investment avenues, such as Strategy or BlackRock's IBIT, to gain exposure to the cryptocurrency market.