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 current price of around $175, the position is now valued at roughly $241 million, representing an unrealized gain of approximately $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 institutional investment managers with over $100 million in US equity holdings, discloses their quarterly positions. Historically, AIMCo held a small stake in MSTR between late 2019 and mid-2020, totaling around 198,000 shares. The fund completely exited this position in September 2020, shortly after CEO Michael Saylor shifted the company's focus toward Bitcoin as a corporate 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 MSTR or BlackRock's IBIT.