Twelve North American states invested $330 million in Strategy stock through their pension funds. California holds the largest stake.
California's Leading Role in Investments
California's pension funds hold the largest share of Strategy stock, signaling the state's desire for indirect exposure to Bitcoin. The California State Teachers Retirement System owns 285,785 shares worth approximately $83 million, while the California Public Employees' Retirement System holds 264,713 shares valued at $76 million.
Increased Holdings by Other States
Florida, Wisconsin, and North Carolina also increased their Strategy holdings. Florida owns 160,470 shares worth $46 million. Wisconsin and North Carolina invested $29 million and $22 million, respectively. Additional states with Strategy stock holdings include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Reasons for Investing in Strategy
Investing in Strategy allows public pension funds to gain indirect exposure to Bitcoin without directly holding the cryptocurrency. Following its rebranding, Strategy has positioned itself as a Bitcoin-focused company, making their stock an attractive investment for institutions aiming to benefit from BTC's growth. For instance, Strategy holds 478,740 BTC, valued at over $46 billion.
North American states' investments in Strategy stocks indicate a growing interest in Bitcoin among major institutional players. With the rising value of Strategy's stock, such investments could become a significant part of funds' portfolios.
