What did Alberta Investment Management Corporation (AIMCo) do with Strategy (NASDAQ: MSTR)?

Alberta Investment Management Corporation (AIMCo) bought about 1.38 million shares of Strategy in Q1 for roughly $172.5 million. The stake is now valued at around $241 million. That implies an unrealised gain of about $69 million as the stock rallied.

Why is AIMCo investing in Strategy instead of directly buying bitcoin?

Many institutional investors like AIMCo face restrictions on holding bitcoin directly. Buying Strategy (NASDAQ: MSTR) gives them indirect exposure because the company holds large bitcoin reserves. This makes Strategy a proxy for bitcoin price movements.

How much profit has AIMCo made on its Strategy investment so far?

AIMCo is sitting on an unrealised gain of about $69 million. The shares were bought at an average of around $125 and are now trading near $175. This gain reflects the recent rally in Strategy’s stock price.

Has AIMCo invested in Strategy before?

Yes, AIMCo previously held Strategy shares between 2019 and 2020. It exited the position shortly after the company pivoted to bitcoin under Michael Saylor. This new investment marks a return to the stock years later.

Why is Strategy (MSTR) attractive to institutional investors?

Strategy is attractive because it holds a large amount of bitcoin on its balance sheet. Its stock often moves more aggressively than bitcoin itself due to leverage and corporate structure. This makes it a high-beta play on bitcoin.

How big is AIMCo and why does its move matter?

AIMCo manages over $140 billion in assets for Canadian public sector pensions. When a fund of this size invests in a crypto-linked stock, it signals growing institutional acceptance. It can influence broader market sentiment.

What are the bull and bear cases for Strategy after this news?

The bull case is that institutional demand continues to drive Strategy higher alongside bitcoin. The bear case is that the stock is volatile and heavily tied to bitcoin price swings. If bitcoin falls, Strategy could drop sharply.

How does this reflect broader crypto market trends?

This shows institutions are increasingly using equity markets to gain crypto exposure. Instead of buying tokens directly, they are investing in companies tied to bitcoin. This trend has grown alongside regulatory constraints.

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AIMCo buys Strategy stake posts $69M gain

Written by Heidi Cuthbert Published May 2, 2026, 12:00 AMLast Updated Jul 6, 2026, 10:28 AM

Alberta Investment Management Corporation has built a major position in Strategy, generating an unrealised gain of about $69 million after buying the stock in the first quarter.

A regulatory filing shows AIMCo purchased roughly 1.38 million shares for $172.5 million, with the stake now valued near $241 million following a rally in the company’s share price.

The investment marks a return to Strategy for the pension giant, which previously exited its position in 2020 shortly after Michael Saylor pivoted the firm toward bitcoin as a treasury asset.

The move highlights how institutional investors are increasingly using equity proxies to gain bitcoin exposure, particularly where direct holdings may face regulatory or mandate restrictions.

Strategy has become a key vehicle for such exposure due to its large bitcoin reserves and leveraged sensitivity to bitcoin price movements.

AIMCo manages more than $140 billion in assets, and its re-entry into the stock signals growing confidence in bitcoin-linked strategies among large pension funds.

The purchase also underscores a broader trend of institutions revisiting crypto-related equities as bitcoin adoption matures and market structures evolve.

At the time of reporting, Bitcoin price was $78,330.95.

AIMCo buys Strategy stake posts $69M gain

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