Twelve North American states have invested in Strategy (formerly MicroStrategy) stock through their pension funds and treasuries, according to recent filings.
California Leads with the Largest Stake
California’s pension funds hold the largest share of Strategy stock, reflecting the state's desire for indirect Bitcoin exposure. The California State Teachers Retirement System owns 285,785 shares worth $83 million, and the California Public Employees’ Retirement System holds 264,713 shares valued at $76 million.
Other States Increasing Their Holdings
Florida holds 160,470 shares of Strategy stock, valued at $46 million. The State of Wisconsin Investment Board possesses 100,957 shares worth $29 million, while North Carolina's State Treasurer has invested $22 million. New Jersey's pension funds hold $26 million in shares.
Why Are Public Funds Investing in Strategy?
By investing in Strategy, public pension funds gain indirect exposure to Bitcoin without holding the cryptocurrency directly. Since rebranding, Strategy has focused on Bitcoin, with holdings of 478,740 BTC valued at over $46 billion. The stock surged by 70% in late 2024, reflecting investor confidence. From October 2024 to February 2025, Strategy’s stock rose from $168.5 to $337.73.
North American states continue to invest in Strategy for indirect Bitcoin exposure, supported by Bitcoin ETF approval and rising institutional interest.
