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 price of around $175, the position is now worth 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 prominent Canadian institutional investor. The 13F filing, mandatory for investment managers with over $100 million in US equity holdings, discloses their quarterly positions.
Historical data from FactSet shows that AIMCo previously held a small stake in MSTR, approximately 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 towards 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 investments, such as Strategy or BlackRock's IBIT, for exposure to the asset.