The author of this article holds shares in MicroStrategy (MSTR). As indicated by its Q1 13F filing, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of MicroStrategy (MSTR) for a total of $172,473,600. This translates to an average cost per share of approximately $125. Given MSTR's current value of around $175, the investment is now worth roughly $241 million, yielding an unrealized gain of approximately $69 million.
As of December 2025, AIMCo oversaw over $140 billion in assets for Alberta's public sector pension plans, positioning it as one of Canada's largest institutional investors. The 13F filing, a quarterly requirement for institutional investment managers with over $100 million in U.S. equity holdings, reveals their portfolio compositions at the end of each quarter. Historical data from FactSet shows that 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 announced the company's strategic shift toward holding Bitcoin as a corporate treasury asset in August 2020. In some jurisdictions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative investment channels, such as MicroStrategy or BlackRock's IBIT.