The author of this article has a vested interest in MicroStrategy (MSTR) shares. According to its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of MSTR, valued at $172,473,600.
This translates to an average cost per share of approximately $125. Given MSTR's current value of around $175, the position is now worth roughly $241 million, resulting in an unrealized gain of approximately $69 million. As of December 2025, AIMCo managed over $140 billion in assets 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, consisting of around 198,000 shares, between late 2019 and mid-2020.
The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus 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 MicroStrategy or BlackRock's IBIT.