As of late 2024, twelve U.S. states have reported holding shares of Strategy, the company formerly known as MicroStrategy, in their state pension funds or treasuries. The total value of these holdings amounts to $330 million.
Bitcoin analyst Julian Fahrer highlighted on Feb. 17 that California, Florida, Wisconsin, and North Carolina have the largest exposure to Strategy stock.
The California State Teachers’ Retirement System (CalSTRS) leads the pack, with 285,785 shares valued at approximately $83 million, according to its Form 13F filing with the U.S. Securities and Exchange Commission (SEC) on Feb. 14. The fund, managing $69 billion in various equities, also holds 306,215 shares of Coinbase (COIN), worth around $76 million at the time of filing.
Similarly, the California Public Employees’ Retirement System (CalPERS) owns 264,713 shares of Strategy, valued at $76 million, along with Coinbase holdings worth $79 million. The retirement system oversees roughly $149 billion in investments.
A Strategic Gateway to Bitcoin
Strategy remains the largest corporate holder of Bitcoin, with 478,740 BTC—valued at approximately $46 billion at current prices. Investors view its stock as an indirect way to gain exposure to Bitcoin.
Between Feb. 3 and Feb. 9, the company added 7,633 BTC to its holdings, purchasing at an average price of $97,255 per coin.
Beyond California, Florida’s State Board of Administration of the Retirement System fund owns 160,470 Strategy shares worth $46 million. Wisconsin’s State Investment Board follows with 100,957 shares valued at around $29 million. North Carolina’s state treasury also holds approximately $22 million worth of MSTR, while New Jersey’s police and fire pension funds collectively own $26 million in shares.
Other states with Strategy stock in public funds include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, according to Fahrer.
Rebranding and Market Performance
On Feb. 5, the company officially rebranded to Strategy, embracing a Bitcoin-centric branding approach.
Since the start of 2025, Strategy’s stock has surged 16.5%, marking an impressive 383% gain year-over-year. This far surpasses the broader crypto market’s 62% growth over the same period.
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