As disclosed in its Q1 13F filing, the 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 purchase price of approximately $125 per share.
Given MSTR's recent surge to around $175, the position now holds a value of roughly $241 million, marking 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 largest institutional investors. The 13F filing, mandated by the SEC for investment managers with U.S.
equity holdings exceeding $100 million, reveals their quarterly portfolio positions. Historical data from FactSet indicates that AIMCo previously held a minor stake in MSTR, comprising around 198,000 shares, between late 2019 and mid-2020 before completely exiting the position in September 2020, shortly after CEO Michael Saylor's strategic shift toward adopting Bitcoin as a corporate treasury asset in August 2020.
In some regions, institutional investors face regulatory hurdles in directly holding Bitcoin, prompting them to explore alternative avenues for exposure, such as investments in Strategy or BlackRock's IBIT.