Recent regulatory filings reveal that twelve North American states have invested $330 million in Strategy (formerly MicroStrategy) stock through pension funds and treasuries. Analyst Julian Fahrer highlighted that California, Florida, Wisconsin, and North Carolina have the highest exposure to Strategy stock.
California Leads in Investment
California holds the largest share of Strategy stock through its pension funds. The California State Teachers Retirement System (CalSTRS) owns 285,785 shares worth approximately $83 million as per the latest SEC Form 13F filing dated February 14, 2025. This fund manages $69 billion in stock investments and has doubled its MSTR holdings in just one quarter. The California Public Employees’ Retirement System (CalPERS) has also significant holdings with 264,713 shares valued at about $76 million.
Other States Increasing Holdings
Florida, Wisconsin, North Carolina, and New Jersey have also increased their holdings in Strategy stock. Florida, through its State Board of Administration of the Florida Retirement System, holds 160,470 shares worth $46 million. Wisconsin has invested $29 million via its State Investment Board. North Carolina has invested $22 million, while New Jersey, through its Police and Firemen’s Retirement System and Common Pension Fund, holds $26 million in shares. Additional states with Strategy stock holdings include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Reasons for Investing in Strategy
By investing in Strategy, public pension funds are gaining indirect exposure to Bitcoin without directly holding the cryptocurrency. Since rebranding, Strategy has positioned itself as a Bitcoin-focused company, making it an attractive investment for institutions looking to benefit from Bitcoin's growth. As of early 2025, Strategy holds 478,740 BTC worth over $46 billion, reinforcing its reputation as the largest corporate holder of Bitcoin.
The states' growing interest in Strategy stocks is linked to their aim to capitalize on the increasing demand for Bitcoin, while maintaining traditional investment models. Notably, major investment firms like BlackRock have shown interest in Strategy, which could strengthen the position of indirectly crypto-related investments.
