The author of this article holds shares in MicroStrategy (MSTR). According to its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of MSTR for $172,473,600. This translates to an average cost per share of approximately $125. Given MSTR's recent surge to around $175, the position's current valuation is roughly $241 million, resulting in an unrealized gain of approximately $69 million.
As of December 2025, AIMCo managed 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 US equity holdings exceeding $100 million, reveals their quarterly portfolio compositions.
Historical data from FactSet indicates AIMCo previously held a minor stake in MSTR, consisting of around 198,000 shares, between late 2019 and mid-2020. The fund completely divested from MSTR in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a treasury asset in August 2020. In some regions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investment avenues, such as MSTR or BlackRock's IBIT.