As of the end of 2024, twelve states across North America are reported to have holdings in Strategy, formerly MicroStrategy, with the total investment reaching an impressive $330 million.
These state pension funds and treasuries, including major funds in California, Florida, Wisconsin, and North Carolina, have shown increasing interest in Strategy’s stock, thanks to the company’s massive Bitcoin holdings.
California Leads with the Largest Holdings
The California State Teachers Retirement System (CalSTRS) boasts the largest exposure to Strategy, holding 285,785 shares valued at approximately $83 million, based on the latest filings with the U.S. SEC on Feb. 14.
This move is part of a broader investment portfolio valued at around $69 billion, which also includes 306,215 shares in Coinbase, worth $76 million.
Additionally, the California Public Employees’ Retirement System (CalPERS) holds 264,713 shares in Strategy, with a value of roughly $76 million. CalPERS, which oversees investments totalling $149 billion, has also shown interest in other crypto-related assets, including $79 million in Coinbase stock.
Bitcoin Exposure Through Strategy’s Stock
Strategy, rebranded from MicroStrategy in early February 2025, remains the largest corporate holder of Bitcoin, with an estimated 478,740 BTC currently valued at $46 billion.Â
The company’s vast Bitcoin holdings have made its stock an attractive investment for institutional investors seeking Bitcoin exposure without directly holding the cryptocurrency.
Between Feb. 3 and Feb. 9, Strategy further bolstered its Bitcoin reserve by acquiring an additional 7,633 BTC at an average price of $97,255 per coin. This significant Bitcoin position has driven the company’s stock to the attention of numerous public retirement funds across North America.
Also Read: MicroStrategy’s Bitcoin Strategy Attracts $500M Investment From Norway Central Bank
Other States Show Growing Interest
Florida’s State Board of Administration of the Retirement System holds 160,470 shares in Strategy, worth around $46 million. Similarly, Wisconsin’s State Investment Board holds 100,957 shares, valued at approximately $29 million.
Other states like North Carolina, New Jersey, Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah have also made investments in Strategy stock, further underscoring growing institutional interest in the company’s Bitcoin-centric strategy.
New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund collectively hold $26 million in Strategy shares. Meanwhile, North Carolina’s Treasury has allocated around $22 million to the firm’s stock.
State-Level Crypto Initiatives Grow
The move by these states to invest in Bitcoin-linked companies aligns with growing momentum for state-level adoption of digital assets. West Virginia has taken proactive steps, with State Senator Chris Rose introducing the Inflation Protection Act of 2025, a bill that would allow the state treasury to invest in digital assets and precious metals.
In a similar vein, Utah has already passed legislation that permits the state treasury to invest in Bitcoin, select altcoins, and stablecoins. Kentucky has also introduced a bill allowing up to 10% of its state funds to be allocated to digital assets like Bitcoin.
The rise of these state-led initiatives follows a federal push, with former U.S. President Donald Trump’s administration commissioning a working group to explore the possibility of establishing a federal digital asset reserve.
This shift is spurring other states to investigate similar options for incorporating digital assets into their public investment portfolios. The increasing state-level investments in Strategy stock reflect a broader trend of institutional interest in Bitcoin and digital assets.