The author of this article has a stake 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 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 managed over $140 billion in assets for Alberta's public sector pension plans, making it a leading Canadian institutional investor. The 13F filing, a quarterly requirement for investment managers with over $100 million in US equity holdings, discloses their quarter-end positions. Historically, AIMCo held a small stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares.
The fund fully exited this position 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 investments, such as MSTR or BlackRock's IBIT, for exposure to the asset.