Canadian Pension Giant Aimco Takes $219m $Mstr Stake For Bitcoin Exposure

Alberta Investment Management Corporation (AIMCo), the provincial pension manager overseeing Alberta's public funds, has disclosed a 1.38 million share position in Strategy ($MSTR) worth approximately $219 million — its first ever allocation to a Bitcoin-linked asset.

According to Q1 13F filings, AIMCo built the position at an average price of roughly $125 per share, representing a total outlay of around $172.5 million. With $MSTR trading near $175 at the time of disclosure, the fund was sitting on an estimated $69 million in unrealized gains.

Canada's Institutions Converge on $MSTR as a $BTC On-Ramp

AIMCo is not alone. Its stake places it alongside several other large Canadian investors that have built $MSTR positions over the past year. National Bank of Canada holds approximately 1.47 million shares valued at around $273 million, making it the largest Canadian institutional holder of the stock. The Canada Pension Plan Investment Board opened its position in Q3 2025, initially disclosing 393,322 shares. The Royal Bank of Canada has been expanding its holding, with reports placing its position in the $230 million range, while the Healthcare of Ontario Pension Plan holds a smaller stake worth approximately $31 million.

The preference for $MSTR over direct Bitcoin purchases or spot ETFs reflects a recurring pattern among Canadian pension funds. Custody obligations, compliance frameworks, accounting standards, and fiduciary requirements make equity stakes considerably easier to manage within regulated fund structures than holding digital assets directly.

Strategy holds 818,334 $BTC on its balance sheet, making $MSTR a preferred proxy for pension funds that want to avoid direct crypto custody. AIMCo stepping in with a $219 million purchase signals that large, long-term asset owners are now comfortable using Strategy as a Bitcoin access point instead of, or alongside, spot ETFs.

A Landmark Move, but Risks Remain

This marks AIMCo's first reported Bitcoin-linked allocation and the first time any Canadian province has taken exposure to Bitcoin through the world's largest corporate Bitcoin holder. The manager oversees Alberta's pension plans, endowments, and the Heritage Savings Trust Fund.

The move is not without scrutiny. Public-fund analysts have flagged fiduciary concerns. Some U.S. state pension positions in $MSTR have shown paper losses above 60% during downturns, raising questions about whether a leveraged Bitcoin proxy suits conservative pension mandates. Critics also note that $MSTR shares carry materially higher volatility than Bitcoin itself, and that 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.

AIMCo has not commented publicly on its rationale. The next quarterly 13F filing should clarify whether the manager scales the position or treats it as a tactical entry.

Sources
Bitcoin.com News — Canadian Pension Giant Grabs 1.38M MSTR Shares Worth $219M
Yahoo Finance — Canada's $195 Billion Provincial Fund Buys $219 Million MicroStrategy Stake
BitcoinTreasuries.net — Alberta Canada Reveals $219 Million Stake in Strategy MSTR