Canada’s $195 Billion Provincial Fund Buys $219 Million MicroStrategy Stake in First Bitcoin Allocation

Alberta Investment Management Corporation, Canada’s $195 billion provincial fund, disclosed buying $219 million worth of Strategy Inc. (MSTR) stock. The position marks the institution’s first Bitcoin (BTC)-linked allocation.

AIMCo bought 1.38 million MSTR shares. The manager oversees Alberta’s pension plans, endowments, and the Heritage Savings Trust Fund.

Canadian Institutions Stack MSTR Exposure

AIMCo’s stake places it alongside several other large Canadian investors that have built MSTR positions over the past year.

National Bank of Canada holds roughly 1.47 million shares valued near $273 million. The Canada Pension Plan Investment Board (CPPIB) opened a 393,322-share position worth around $127 million.

Royal Bank of Canada (RBC) has expanded its holding into the $230 million range. The Healthcare of Ontario Pension Plan disclosed a $31 million stake.

The pattern reflects a preference for equity proxies over direct Bitcoin custody. Regulated holders face stricter compliance and accounting requirements.

Why Some Question the MSTR Trade

MicroStrategy held 818,334 BTC as of this writing, acquired at an average cost near $75,532 per coin. The company continues to issue common stock and high-yield preferred shares to fund further Bitcoin purchases.

Critics argue that ongoing dilution erodes per-share Bitcoin exposure. The structure also adds corporate financing risk that direct Bitcoin or spot ETFs would avoid.

Public-fund analysts have flagged fiduciary concerns. Some U.S. state pension positions in MSTR have shown paper losses above 60% during downturns.

The drawdowns raised questions about whether a leveraged Bitcoin proxy suits conservative pension mandates.

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.