Canada's Alberta Investment Management Corporation (AIMCo) disclosed on April 30, 2026, that it had acquired approximately 1.38 million shares of Strategy Inc. (formerly MicroStrategy, ticker MSTR) for a total of $219 million. This marks the pension giant's first-ever allocation to a bitcoin-linked asset.
AIMCo's First Indirect Bitcoin Investment
Based in Edmonton, AIMCo manages roughly CAD $194.7 billion in assets on behalf of provincial pension plans, endowments, and government accounts, including the Alberta Heritage Savings Trust Fund. The purchase of MSTR shares places it among the latest large Canadian institutions to gain indirect exposure to bitcoin through equity markets.
Strategy Inc. holds 818,334 bitcoins, making it the world's largest corporate bitcoin holder. Since 2020, the company has accumulated BTC through equity offerings, preferred shares, and debt. Its stock is widely traded as a leveraged proxy for bitcoin because the value of its treasury drives most of MSTR's market performance. For pension funds, direct bitcoin purchases or spot ETFs involve custody, compliance, accounting, and fiduciary challenges, while equity positions are easier to manage within regulated structures.
Canadian Institutions Flock to MSTR
AIMCo joins a list of major Canadian financial institutions already holding MSTR positions. National Bank of Canada holds roughly 1.47 million shares valued near $273 million. The Canada Pension Plan Investment Board opened a position in Q3 2025 with 393,322 shares. The Royal Bank of Canada has been expanding its holdings, with reports placing its position in the $230 million range. The Healthcare of Ontario Pension Plan holds a smaller stake worth approximately $31 million. The scale of participation across Canadian institutions points to a shared conclusion: MSTR offers bitcoin exposure that fits within existing investment mandates.
Critics have raised concerns about using pension funds for this type of position. MSTR shares carry higher volatility than direct bitcoin, and ongoing capital raises through equity offerings can dilute bitcoin-per-share ratios over time. During bitcoin downturns, MSTR has historically seen steeper declines than BTC itself. Still, the AIMCo purchase shows that even conservative sovereign-style funds are finding a place for bitcoin-linked equity in their portfolios. MSTR shares saw modest pre-market movement following the news on April 30. Bitcoin markets were also active at the time of the disclosure.
As of April 30, 2026, MSTR shares were up 0.75% in early trading but down nearly 10% over the prior five sessions. Whether AIMCo expands the position in coming quarters will likely depend on bitcoin price performance and how MSTR's treasury strategy evolves.
Industry Context: STRC Becomes World's Largest Preferred Stock
In parallel, Michael Saylor announced at Bitcoin 2026 in Las Vegas that Strategy's STRC preferred stock instrument had grown to $8.5 billion, becoming the largest preferred stock globally. This further underscores the enthusiasm for structured products that provide bitcoin exposure.
Overall, AIMCo's $219 million stake signals a growing acceptance of bitcoin exposure among traditional pension funds. The Canadian institutional trend in MSTR is expected to attract more global pension funds to follow suit.