The author of this article holds shares 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, implying an average cost per share of approximately $125. With MSTR's value currently at around $175, this 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, solidifying its position as one of Canada's largest institutional investors. The 13F filing, required by the SEC for investment managers with over $100 million in US equity holdings, discloses quarterly positions.
Historical data from FactSet shows AIMCo previously held a small stake in MSTR from late 2019 to mid-2020, totaling around 198,000 shares, before exiting the position in September 2020, shortly after CEO Michael Saylor shifted the company's focus towards Bitcoin as a treasury asset. 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 cryptocurrency market.