As reported in its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of Strategy (MSTR), valued at $172,473,600, with an average cost per share of approximately $125. Given MSTR's current price of around $175, the position is now worth roughly $241 million, yielding an unrealized gain of approximately $69 million. As one of Canada's largest institutional investors, AIMCo manages over $140 billion in assets for Alberta's public sector pension plans as of December 2025.
The 13F filing, required by the SEC for institutional investment managers with over $100 million in U.S. equity holdings, discloses quarterly positions. Historical data from FactSet indicates that AIMCo previously held a small stake in MSTR, consisting of around 198,000 shares, between late 2019 and mid-2020, before exiting the position entirely in September 2020, following CEO Michael Saylor's strategic shift toward Bitcoin as a corporate treasury asset in August 2020.
In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.