The author of this article holds shares in MicroStrategy (MSTR). According to its recent 13F filing for the first quarter, Alberta Investment Management Corporation (AIMCo) acquired 1,382,000 shares of MicroStrategy (MSTR) at a cost of $172,473,600.
This translates to an average cost per share of approximately $125. Given the current price of MSTR at around $175, the position is now valued at roughly $241 million, representing an unrealized gain of approximately $69 million. As of December 2025, AIMCo was responsible for managing over $140 billion in assets for Alberta's public sector pension plans, establishing it 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 positions at the end of each quarter. Historically, AIMCo held a minor stake in MSTR from late 2019 to mid-2020, comprising around 198,000 shares.
The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards Bitcoin as a corporate treasury asset in August 2020. In some jurisdictions, institutional investors face restrictions on directly holding Bitcoin, leading them to explore alternative exposure through vehicles like MicroStrategy or BlackRock's IBIT.