Canadian Pension Fund AIMCo Discloses $219 Million Stake in Strategy (MicroStrategy)

Alberta Investment Management Corporation (AIMCo), one of Canada's largest institutional investors managing over $140 billion, disclosed a $219 million stake in MicroStrategy (now called Strategy) through a first quarter 13F filing, purchasing 1,382,000 shares at an average cost of approximately $125 per share. The position has generated an unrealized gain of approximately $69 million as MSTR rallied to about $175 per share, marking AIMCo's return to Bitcoin exposure after previously exiting a smaller MicroStrategy position in September 2020, shortly after CEO Michael Saylor pivoted the company toward Bitcoin as a corporate treasury asset in August 2020. The investment reflects how institutional investors in jurisdictions with restrictions on directly holding Bitcoin seek alternative exposure through publicly traded vehicles like MicroStrategy or BlackRock's IBIT.

AIMCo's $219 Million Investment in MicroStrategy

• ▪As of December 2025, AIMCo managed more than $140 billion on behalf of Alberta's public sector pension plans
• ▪AIMCo's MicroStrategy position was valued at approximately $241 million after MSTR rallied to about $175 per share
• ▪AIMCo's MicroStrategy position represented an unrealized gain of approximately $69 million
• ▪Alberta Investment Management Corporation (AIMCo) purchased 1,382,000 shares of MicroStrategy (MSTR) for $172,473,600 according to its first quarter 13F filing
• ▪AIMCo's average cost per share for MicroStrategy stock was approximately $125

AIMCo's Previous History with MicroStrategy Stock

• ▪MicroStrategy CEO Michael Saylor pivoted the company toward Bitcoin as a corporate treasury asset in August 2020
• ▪AIMCo exited its previous MicroStrategy position shortly after MicroStrategy pivoted toward Bitcoin as a corporate treasury asset
• ▪AIMCo previously held approximately 198,000 shares of MicroStrategy between late 2019 and mid 2020
• ▪AIMCo exited its MicroStrategy position entirely in September 2020

Institutional Bitcoin Exposure Through Proxy Investments

• ▪13F filings disclose institutional investment managers' positions at the end of each quarter
• ▪A 13F is a quarterly filing required by the SEC for institutional investment managers with over $100 million in U.S. equity holdings
• ▪Institutional investors in certain jurisdictions face restrictions on directly holding Bitcoin
• ▪Institutional investors seek alternative Bitcoin exposure through instruments such as MicroStrategy or BlackRock's IBIT

Perspective of Alberta Investment Management Corporation (AIMCo)

• ▪AIMCo's $219 million MicroStrategy position demonstrates institutional acceptance of Bitcoin as an asset class through proxy investments
• ▪AIMCo's return to MicroStrategy represents a strategic re-entry into Bitcoin exposure after exiting in 2020

Perspective of Institutional investors facing Bitcoin restrictions

• ▪Institutional demand for indirect Bitcoin exposure through publicly traded companies like MicroStrategy reflects growing acceptance of cryptocurrency in traditional finance
• ▪MicroStrategy stock serves as a regulatory-compliant proxy for institutional investors unable to hold Bitcoin directly