The author of this piece holds shares in MicroStrategy (MSTR). 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, yielding an unrealized gain of approximately $69 million. As of December 2025, AIMCo oversees over $140 billion in assets for Alberta's public sector pension plans, making it a major Canadian institutional investor.
The 13F filing, required by the SEC for investment managers with over $100 million in US equities, reveals their quarterly holdings. Historically, AIMCo held a small stake in MSTR from late 2019 to mid-2020, consisting of 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 exposure through vehicles like Strategy or BlackRock's IBIT.