Alberta Investment Management Corporation (AIMCo), one of Canada's largest institutional investors managing over $140 billion in assets, has re-entered Strategy (MSTR) with a substantial position, according to its first quarter 13F filing with the Securities and Exchange Commission.

The pension giant purchased 1,382,000 shares of the bitcoin treasury company for $172,473,600, implying an average cost basis of approximately $125 per share. With Strategy having rallied to around $175 per share, AIMCo's position would now be valued at roughly $241 million, representing an unrealized gain of approximately $69 million on the investment.

Market Context

Strategy has become a preferred vehicle for institutional investors seeking exposure to bitcoin without directly holding the cryptocurrency. The company, led by Michael Saylor, has accumulated over 500,000 bitcoins through its corporate treasury strategy, making it the largest publicly traded bitcoin holder among corporate entities.

The filing arrives as bitcoin prices have shown renewed strength, rising nearly 3% over the past 24 hours to approximately $78,700. Traders are closely watching whether bitcoin can decisively break above the $80,000 level, which many view as a critical threshold that could attract new institutional buyers.

Analysis

AIMCo's return to Strategy marks a notable shift from its previous stance on the company. According to data from FactSet, the pension fund previously held a small position in MSTR between late 2019 and mid-2020, accumulating approximately 198,000 shares before exiting entirely in September 2020.

That exit came shortly after Michael Saylor announced his pivot toward bitcoin as a primary corporate treasury asset in August 2020. The timing suggests AIMCo may have sought to avoid the volatility associated with Saylor's aggressive bitcoin acquisition strategy at that time.

The re-entry point around $125 per share appears opportunistic, coming after Strategy shares experienced pressure alongside broader crypto market weakness earlier this year. Institutional investors in certain jurisdictions face regulatory restrictions on directly holding bitcoin, making Strategy and instruments like BlackRock's IBIT attractive alternatives for gaining exposure to the cryptocurrency's price movements.

Key Numbers

- AIMCo purchased 1,382,000 shares of MSTR for $172,473,600

- Average cost basis: approximately $125 per share

- Current position value at $175/share: roughly $241 million

- Unrealized gain: approximately $69 million

- Total assets under management by AIMCo (as of December 2025): over $140 billion

What to Watch

Market participants should monitor whether Strategy's premium to its bitcoin net asset value expands or contracts from current levels. The company's ongoing share issuance program to fund additional bitcoin purchases has been a key driver of shareholder returns but also introduces dilution risk.

AIMCo's 13F filing reflects positions held at the end of the first quarter, meaning the pension fund may have adjusted its stake since March 31. The next quarterly disclosure will reveal whether AIMCo increased or reduced its exposure during April's price action.

Additionally, traders should watch bitcoin's attempt to reclaim the $80,000 level, as sustained strength above that threshold could trigger further institutional interest in Strategy shares as a proxy for cryptocurrency exposure.