Canadian pension giant AIMCo buys the dip in Strategy, now sitting on $69 million unrealized gain

AIMCo returns to Michael Saylor's bitcoin treasury company years after exiting, now sitting on a sizable unrealized gain.

What to know:

• A 13F filing shows AIMCo purchased 1.38 million shares of Strategy for $172.5 million in the first quarter, with the stake now valued at roughly $241 million, implying an unrealized gain of about $69 million.
• AIMCo previously held MSTR between 2019 and 2020, exiting the position in September 2020, shortly after the company’s pivot to Bitcoin.

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 about $125 per share. With MSTR having rallied to about $175, that position would now be valued at roughly $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 sector pension plans, making it one of Canada’s largest institutional investors.

A 13F is a quarterly filing required by the SEC for institutional investment managers with over $100 million in U.S. equity holdings, 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, 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 directly holding Bitcoin, leading them to seek alternative exposure through instruments such as Strategy or BlackRock’s IBIT.

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