AIMCo snaps up MicroStrategy on the dip, now sitting on a roughly $69M paper gain
Alberta Investment Management Corporation (AIMCo) quietly beefed up its exposure to MicroStrategy (ticker: MSTR) in its latest 13F filing for the first quarter. The Canadian pension giant purchased 1,382,000 shares for $172,473,600 — an average cost of roughly $125 per share.
With MSTR trading near $175, that stake would be worth about $241 million today, implying an unrealized gain in the neighborhood of $69 million. The move signals a renewed institutional appetite for MicroStrategy stock, which many investors treat as indirect exposure to Bitcoin thanks to MicroStrategy’s large BTC treasury.
AIMCo, which managed more than $140 billion for Alberta’s public-sector pension plans as of December 2025, is one of Canada’s largest institutional investors. Its quarterly 13F filing — a required SEC disclosure for managers with over $100 million in U.S. equity holdings — laid out the new position at the end of the quarter.
This isn’t AIMCo’s first flirtation with MicroStrategy. FactSet data shows the fund owned roughly 198,000 MSTR shares between late 2019 and mid-2020, but exited the position in September 2020 shortly after CEO Michael Saylor began steering the company to hold Bitcoin as a corporate treasury asset in August 2020. For some institutions that face restrictions on directly holding crypto, buying MSTR or products like BlackRock’s IBIT can be a practical alternative to get BTC exposure without custodying coins directly.
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