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. This translates to an average cost per share of approximately $125. Given MSTR's recent surge to around $175, the position is now valued at roughly $241 million, yielding an unrealized gain of approximately $69 million.
As of December 2025, AIMCo oversees over $140 billion for Alberta's public sector pension plans, solidifying its position 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, reveals their quarter-end positions. Historically, AIMCo held a minor stake in MSTR from late 2019 to mid-2020, comprising about 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 August 2020.
In some jurisdictions, institutional investors face restrictions on directly holding Bitcoin, prompting them to explore alternative exposure through vehicles like Strategy or BlackRock's IBIT.