Twelve US states have collectively invested $330 million in Strategy stock through their pension funds and treasuries, according to recent regulatory filings.
California Leads with the Largest Stake
California’s pension funds hold the most significant share of Strategy stock, reflecting the state’s willingness to gain indirect exposure to Bitcoin. The California State Teachers Retirement System (CalSTRS) owns 285,785 shares worth approximately $83 million, as reported in the latest SEC filing. CalPERS holds 264,713 shares, valued around $76 million.
Other States Increasing Their Holdings
Florida, Wisconsin, North Carolina, and New Jersey have also made significant investments in Strategy. Florida holds shares worth $46 million, Wisconsin $29 million, and North Carolina $22 million. Additional states holding Strategy stock include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Why Are Public Funds Investing in Strategy?
By investing in Strategy, public pension funds are gaining indirect exposure to Bitcoin without directly holding the cryptocurrency. Strategy has positioned itself as a Bitcoin-focused company, attracting institutional investors. As of early 2025, Strategy holds 478,740 BTC, reinforcing its reputation as the largest corporate holder of Bitcoin. The company's stock price surged by 70% in the last quarter of 2024, reflecting increasing investor confidence.
Public funds' investments in Strategy stock indicate a broader trend of traditional financial institutions shifting towards digital assets like Bitcoin and related stocks.