The author of this piece holds shares in MicroStrategy (MSTR). According to Alberta Investment Management Corporation's (AIMCo) Q1 13F filing, they acquired 1,382,000 shares of Strategy (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 for Alberta's public sector pension plans, solidifying its position as one of Canada's largest institutional investors. The 13F filing, mandatory for institutional investment managers with over $100 million in U.S. equity holdings, reveals their quarterly portfolio.
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's strategic shift toward Bitcoin. Some jurisdictions impose restrictions on institutional investors holding Bitcoin directly, prompting them to explore alternative investments, such as Strategy or BlackRock's IBIT, for indirect exposure.