Twelve North American states recently injected $330 million into Strategy (formerly known as MicroStrategy) through their pension funds or treasury assets.
These investments were disclosed through the end of 2024, showing growing interest in the business intelligence firm, which also holds the title of the largest institutional owner of Bitcoin.
The California State Teachers' Retirement System (CalSTRS), which holds $69 billion in assets in various stocks, is the largest public holder of Strategy shares. According to its most recent filing with the U.S. Securities and Exchange Commission on February 14, CalSTRS owns 285,785 shares of Strategy, valued at approximately $83 million.
CalSTRS also holds a significant position in Coinbase (NASDAQ:COIN), with 306,215 shares worth $76 million at the time of filing.
The California Public Employees' Retirement System (CalPERS), which manages an investment portfolio of approximately $149 billion, also has significant exposure to Strategy, owning 264,713 shares worth approximately $76 million, in addition to $79 million in Coinbase shares.
In Florida, the State Retirement System Board Fund owns 160,470 shares of Strategy worth $46 million. The Wisconsin Investment Board has an investment in 100,957 shares, worth approximately $29 million. The North Carolina treasurer owns $22 million in Strategy, and the Police and Firefighters Retirement System and the New Jersey Mutual Fund have a combined investment of $26 million in the company.
Other states investing in Strategy include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah. The firm's substantial Bitcoin holdings, which total 478,740 coins and are worth approximately $46 billion at current prices, provide these funds with indirect exposure to the cryptocurrency market.
Strategy's stock price has risen 16.5% since the beginning of 2025, and a staggering 383% since the same period in 2024, significantly outperforming the broader cryptocurrency market's 62% gain over the past 12 months. The company's most recent Bitcoin acquisition involved purchasing 7,633 Bitcoin between February 3 and 9 at $97,255 per coin.
The company completed its rebrand to Strategy, with a new Bitcoin-inspired visual marketing strategy, on February 5. This shift reflects its commitment to Bitcoin and may continue to attract interest from institutional investors seeking exposure to digital assets.