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. With MSTR having reached around $175, this position would now be valued at around $241 million, representing an unrealized gain of around $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 holding more than $100 million in U.S. stocks, disclosing their positions at the end of each quarter.
According to FactSet, AIMCo previously held a small position in MSTR between late 2019 and mid-2020, approximately 198,000 shares. The fund exited the position entirely in September 2020, shortly after CEO Michael Saylor shifted the company toward Bitcoin as a corporate treasury asset in August 2020.
In some jurisdictions, institutional investors may face restrictions on directly holding Bitcoin, leading them to seek alternative exposure through instruments such as Strategy or BlackRock’s IBIT.
