Alberta Investment Management Corporation (AIMCo) purchased 1,382,000 shares of Strategy (MSTR) for $172,473,600, according to its first quarter 13F filing.
This implies an average cost of about $125 per stock. Since MSTR has risen to about $175, this position would now be valued at about $241 million, representing an unrealized gain of about $69 million.
As of December 2025, AIMCo managed more than $140 billion on behalf of Alberta’s public pension plans, making it one of Canada’s largest institutional investors.
A 13F is a quarterly report required by the SEC for institutional investment managers with over $100 million in US equity holdings that disclose 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, about 198,000 shares. The fund left the position entirely in September 2020, shortly after CEO Michael Saylor pivoted the company toward Bitcoin as a corporate asset in August 2020.
In certain jurisdictions, institutional investors may face restrictions on directly owning Bitcoin, prompting them to seek alternative exposure through instruments such as Strategy or BlackRock’s IBIT.
