AIMCo Takes $160M Stake in Strategy, Marking First Bitcoin-Linked Bet by a Canadian Province

Alberta Investment Management Corporation (AIMCo), one of Canada's largest institutional investors, has gained Bitcoin exposure without buying the cryptocurrency directly. In a 13F filing, the Alberta pension and endowment manager reported holding 1.38 million shares of Strategy Inc. (formerly MicroStrategy). The position was built in the first quarter of 2026 at an estimated cost of about $172.5 million, or roughly $125 per share. When the filing was made public on April 30, the stake was valued near $219 million, rising to about $241 million by early May, implying an unrealized gain of roughly $69 million. Strategy is the world's largest corporate holder of Bitcoin as a treasury asset, making its stock a proxy for Bitcoin exposure. For provincial asset managers such as AIMCo, direct crypto ownership can be difficult or restricted under regulatory frameworks, while buying shares in a Nasdaq-listed company provides a compliant way to gain indirect exposure. AIMCo oversees an investment portfolio estimated between $142 billion and $195 billion across Alberta's pension plans, endowments and government funds. The Strategy stake is the first reported Bitcoin-linked exposure by any Canadian provincial entity via Strategy shares. The move also revisits an earlier decision. AIMCo previously owned about 200,000 Strategy shares between 2019 and mid-2020, selling in September 2020 as Michael Saylor began shifting the company's treasury strategy toward Bitcoin. The new position is nearly seven times larger, and the average cost suggests it was accumulated across the quarter rather than purchased in a single block. Risks remain. Strategy's stock has been closely tied to Bitcoin's price, meaning gains could reverse quickly in a crypto downturn. Its leveraged exposure can amplify moves in either direction, and a sharp Bitcoin correction could push the shares below AIMCo's cost basis.