12 States Go All-In on Strategy—The Bitcoin Proxy Play
An increasing number of U.S. states are embracing Bitcoin exposure through investments in Strategy.
According to Bitcoin researcher Julian Fahrer, as of the end of 2024, 12 U.S. states collectively hold $330 million in Strategy shares through their state pension funds and treasuries.
California Leads with a $150 Million Investment
California is the largest stakeholder, with its state retirement funds holding more than $150 million in the company’s shares. According to a Form 13F filing with the U.S. Securities and Exchange Commission (SEC) on February 14, the California State Teachers’ Retirement System (CalSTRS) owns 285,785 shares valued at approximately $83 million.
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The California Public Employees’ Retirement System (CalPERS), the nation’s largest public pension fund, follows closely with 264,713 shares worth around $76 million. Both funds also have significant investments in Coinbase (COIN), with their total holdings exceeding $150 million.
Beyond California, other states have also made significant investments in the company’s stock. The State Board of Administration of the Florida Retirement System holds 160,470 shares worth $46 million. Wisconsin’s state fund owns 100,957 shares valued at approximately $29 million.
North Carolina has allocated $22 million into Strategy stock, while New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund hold a combined $26 million worth. Additional states with public fund investments in Strategy include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
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Why Are States Investing in Strategy?
Strategy has evolved beyond its roots as a business intelligence software company to become the world’s largest corporate holder of Bitcoin. The company currently owns 478,740 BTC, worth approximately $46 billion at current prices. This makes the company’s stock an attractive vehicle for institutional investors and pension funds seeking indirect exposure to Bitcoin without directly purchasing the cryptocurrency.
As part of its aggressive Bitcoin acquisition, the firm recently purchased 7,633 BTC at an average price of $97,255 per coin between February 3 and February 9, further expanding its holdings.
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MSTR Stock Outperforms Cryptocurrency Markets
Since the start of 2025, Strategy’s stock (MSTR) has surged by 16.5%, continuing its strong upward trajectory. Over the past year, MSTR has gained 383%, significantly outperforming the broader crypto market, which has seen a 62% increase over the same period.
The growing institutional interest in Strategy highlights Bitcoin’s increasing acceptance as a store of value and investment asset. As more public funds and pension systems seek exposure to Bitcoin through the company, the firm’s reputation as a leading Bitcoin treasury company continues to solidify.
In line with its evolving identity, the company officially rebranded from MicroStrategy to Strategy on February 5, 2025, adopting a Bitcoin-themed visual marketing to emphasize its dual role as a software company and a major Bitcoin advocate.
With institutional investments continuing to rise and Bitcoin adoption growing, Strategy’s future appears promising as it bridges the gap between traditional finance and the digital asset sector.
