AIMCo Buys Strategy Inc. Shares, Valued Near $241 Million After $172.5 Million Purchase

Canadian pension giant Alberta Investment Management Corporation (AIMCo) has made its first investment in the cryptocurrency sector by buying Strategy Inc. shares, according to multiple reports tied to SEC filings.

“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”

@coindesk

CoinDesk says 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.

@coindesk

In the same reporting, CoinDesk states AIMCo purchased 1,382,000 shares for $172,473,600 and that the average cost was about $125 per share.

Bloomingbit similarly reports AIMCo acquired 1.38 million Strategy shares and that the stake is valued at about $219 million, describing the purchase as “its first investment in Bitcoin (BTC)-related assets.”

In a separate account, incrypted says AIMCo acquired 1.38 million Strategy shares, calling Strategy “the largest corporate holder of bitcoin,” and says the filing shows AIMCo bought 1.38 million securities worth $172.47 million as of the end of the first quarter of 2026.

Foreign Policy Journal adds that the purchase was surfaced through a regulatory filing “tied to institutional ownership of US listed securities and became public on 30 April 2026,” and says the position was valued at around $219 million.

Across the accounts, the common thread is that AIMCo’s move is routed through Strategy Inc. (NASDAQ: MSTR), which is described as a bitcoin-linked treasury proxy rather than a direct bitcoin holding.

The reports emphasize that AIMCo’s activity became visible through SEC-required disclosures, particularly a Form 13F that tracks certain U.S. equity holdings.

CoinDesk explains that “A 13F is a quarterly filing required by the SEC for institutional investment managers with over $100 million in U.S. equity holdings,” and says it “disclos[es] their positions at the end of each quarter.”

bloomingbit

Incrypted similarly describes a Form 13F, stating that “A company files it with the SEC if it has investments in U.S. counterparties or their products,” and says the filing shows AIMCo invested in Strategy’s Class A common stock (MSTR).

Foreign Policy Journal frames the disclosure as a regulatory filing “tied to institutional ownership of US listed securities,” and notes that AIMCo “has not issued a formal press release confirming the position.”

Bloomingbit attributes the disclosure to Wu Blockchain, saying “Wu Blockchain reported on April 30 that AIMCo disclosed it had acquired 1.38 million shares of Strategy.”

CoinDesk also provides a specific reference point for AIMCo’s scale, saying “As of December 2025, AIMCo managed more than $140 billion on behalf of Alberta’s public sector pension plans.”

Foreign Policy Journal adds a different figure for AIMCo’s assets under management, saying AIMCo “oversees roughly CAD $194.7 billion in assets on behalf of provincial pension plans, endowments and government accounts in Alberta.”

Several sources connect AIMCo’s choice of Strategy shares to constraints and operational preferences around holding bitcoin directly.

“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”

CoinDesk

CoinDesk states that “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.”

Foreign Policy Journal similarly describes a “preference for MSTR over direct bitcoin purchases or spot exchange traded funds,” attributing it to “Custody obligations, compliance frameworks, accounting standards and fiduciary requirements” that make equity stakes “considerably easier to manage.”

The same Foreign Policy Journal report says Strategy Inc. “holds 818,334 bitcoin on its balance sheet,” calling it “the largest corporate bitcoin treasury in the world,” and it describes Strategy’s stock as “a leveraged proxy for bitcoin price performance.”

CoinDesk adds that AIMCo previously held MSTR between 2019 and 2020, exiting the position in September 2020 “shortly after the company’s pivot to Bitcoin,” and it notes that the fund exited “in September 2020.”

Incrypted, however, characterizes the move as AIMCo’s “first investment in Strategy and in the crypto sector overall,” while also stating that the company is “often described in the media as a sovereign wealth fund.”

Bloomingbit and Coinpedia both describe the purchase as a first exposure to bitcoin-linked assets, with Bloomingbit saying “The purchase marks its first investment in Bitcoin-related assets” and Coinpedia stating it “has disclosed a $219 million investment in MicroStrategy by purchasing 1.38 million shares.”

Foreign Policy Journal places AIMCo’s purchase within a broader pattern of Canadian institutional participation in Strategy Inc.

It says “AIMCo joins a growing roster of major Canadian financial institutions that have already established MSTR positions,” and then names several holders with approximate share counts and valuations.

Coinpedia

The report says “National Bank of Canada holds approximately 1.47 million shares valued at around $273 million,” describing it as “the largest Canadian institutional holder of the stock.”

It adds that “The Canada Pension Plan Investment Board opened its position in Q3 2025, initially disclosing 393,322 shares,” and says “The Royal Bank of Canada has been expanding its holding, with reports placing its position in the $230 million range.”

The same account says “the Healthcare of Ontario Pension Plan holds a smaller stake worth approximately $31 million.”

CoinDesk also references the idea of institutional exposure through bitcoin-linked instruments, stating that “institutional investors may face restrictions on directly holding Bitcoin” and that they may seek exposure through “Strategy or BlackRock’s IBIT.”

Incrypted mentions another state-owned investor, saying “Previously, we reported that Abu Dhabi state-owned company Mubadala Investment Companyinvestedan additional $29 million in IBIT.”

The sources also connect AIMCo’s stake to market performance and to the structure of Strategy Inc.’s bitcoin exposure.

“The Alberta Investment Management Corporation, known as AIMCo, has acquired approximately 1”

Foreign Policy Journal

CoinDesk says AIMCo’s stake implies an unrealized gain of about $69 million because “With MSTR having rallied to about $175, that position would now be valued at roughly $241 million.”

Foreign Policy Journal

Bloomingbit provides a different market snapshot, stating “Bitcoin was trading at $76,301.86 as of 10:07 p.m., down 1.05% from a day earlier,” and “down 1.96% from a week earlier.”

Foreign Policy Journal describes how Strategy’s treasury drives its stock movement, saying “the value of the treasury drives the majority of MSTR’s market movement,” and it also notes that “MSTR shares carry materially higher volatility than bitcoin itself.”

The same report adds a specific risk tied to Strategy’s capital raising, saying “the company’s ongoing capital raising activity through equity offerings can dilute bitcoin holdings per share over time as new shares are issued to fund further purchases.”

CoinDesk provides additional context on AIMCo’s earlier involvement, stating it “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.”

Finally, incrypted reports that MSTR “ended the first quarter of 2026 with an unrealized lossof $14.5 billion,” and it says that “In April, MSTR rose by more than 32%,” while also stating that “At the time of writing, AIMCo’s stake is valued at $223.3 million.”