State-Managed Funds Increase Investments in Strategy
As of late 2024, twelve U.S. state pension funds and treasuries collectively hold around $330 million in shares of Strategy, formerly known as MicroStrategy Incorporated. Bitcoin analyst Julian Fahrer highlighted this information on February 17, 2025, underscoring the growing institutional adoption of cryptocurrency-related investments.
California Leads in Strategy Investments
California holds the largest stake, with two major pension funds heavily invested in Strategy:
- California State Teachers’ Retirement System (CalSTRS): 285,785 shares, valued at approximately $83 million.
- California Public Employees’ Retirement System (CalPERS): 264,713 shares, worth around $76 million.
Both CalSTRS and CalPERS also hold substantial positions in Coinbase (COIN) stock, with CalSTRS’ investment valued at $76 million and CalPERS’ at $79 million.
Other States with Significant Holdings
Several other states also maintain notable investments in Strategy shares:
- Florida: The State Board of Administration of Florida Retirement System owns 160,470 shares, worth about $46 million.
- Wisconsin: The State of Wisconsin Investment Board holds 100,957 shares, valued at approximately $29 million.
- North Carolina: The state treasurer has invested $22 million.
- New Jersey: The Police and Firemen’s Retirement System and Common Pension Fund collectively hold $26 million.
Additional investments come from pension and treasury funds in Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Strategy’s Massive Bitcoin Holdings
Strategy is the largest corporate holder of Bitcoin, owning 478,740 bitcoins, valued at roughly $46 billion as of February 10, 2025. The company continues to expand its Bitcoin holdings, acquiring 7,633 bitcoins between February 3 and February 9, 2025, at an average price of $97,255 per coin.
By investing in Strategy stock, state pension funds gain indirect exposure to Bitcoin, signaling growing confidence in cryptocurrency assets. This trend aligns with the increasing integration of digital assets into traditional financial portfolios.
As of February 15, 2025, Strategy’s stock (MSTR) is trading at $337.73, reflecting a slight increase of 0.039% from the previous close.
