Canadian pension powerhouse AIMCo has quietly built a big MicroStrategy stake — and it’s already in the money.
According to AIMCo’s first-quarter 13F filing, the Alberta Investment Management Corporation bought 1,382,000 shares of MicroStrategy (MSTR) for $172,473,600 — an average cost of roughly $125 per share. With MSTR trading near $175, that holding would now be worth about $241 million, implying an unrealized gain of roughly $69 million.
Why it matters
- AIMCo is one of Canada’s largest institutional investors, managing more than $140 billion for Alberta’s public-sector pension plans as of December 2025. Moves by large allocators like AIMCo can signal growing institutional interest in crypto-linked exposures.
- MicroStrategy has long been treated by many investors as a proxy for Bitcoin exposure after CEO Michael Saylor began shifting the company’s treasury into Bitcoin in August 2020. That pivot pushed some institutions to buy the stock as an indirect way to gain BTC exposure.
AIMCo’s history with MicroStrategy
FactSet shows AIMCo previously held about 198,000 MSTR shares from late 2019 through mid‑2020, exiting the position in September 2020 shortly after MicroStrategy’s pivot to Bitcoin. This new, much larger stake marks a clear return.
Regulatory context
Institutions in some jurisdictions still face limits on holding Bitcoin directly. That has driven demand for alternative vehicles — equities like MicroStrategy or products such as BlackRock’s IBIT — to obtain BTC exposure within traditional portfolios.
Bottom line: AIMCo’s re-entry into MicroStrategy is a notable example of large investors using equity and ETF routes to tap crypto exposure. The position’s current unrealized gain highlights how quickly such trades can move when crypto-linked assets rally.
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