The author of this article holds shares in MicroStrategy (MSTR). According to Alberta Investment Management Corporation's (AIMCo) first-quarter 13F filing, the company acquired 1,382,000 shares of Strategy (MSTR) with a total value of $172,473,600. This translates to an average cost per share of approximately $125.
Given MSTR's current price of around $175, the position is now valued at roughly $241 million, resulting in an unrealized gain of about $69 million. As of December 2025, AIMCo manages 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, a quarterly requirement for institutional investment managers with U.S. equity holdings exceeding $100 million, discloses their quarter-end positions. Historical data from FactSet reveals that AIMCo previously held a small 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 announced the company's strategic shift toward holding 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 investment avenues, such as Strategy or BlackRock's IBIT, for indirect exposure.