Alberta Investment Management Corporation (AIMCo), according to its first quarter 13F filing, purchased 1,382,000 shares of Strategy (MSTR) for $172,473,600.
This implies an average cost of around $125 per share. Since MSTR has recovered to approximately $175, that position would now be valued at approximately $241 million, representing an unrealized gain of approximately $69 million.
As of December 2025, AIMCo managed more than $140 billion on behalf of Alberta’s public sector pension plans, making it one of the largest institutional investors in Canada.
A 13F is a quarterly filing required by the SEC for institutional investment managers with more than $100 million in U.S. stock holdings, which disclose their holdings at the end of each quarter.
According to FactSet, AIMCo previously held a small position in MSTR between late 2019 and mid-2020, around 198,000 shares. The fund exited the position entirely in September 2020, shortly after CEO Michael Saylor pivoted the company toward Bitcoin as a corporate treasury asset in August 2020.
In certain jurisdictions, institutional investors may face restrictions on holding Bitcoin directly, leading them to seek alternative exposure through instruments such as Strategy or BlackRock’s IBIT.
