Twelve States’ Pension and Treasury Funds Have $330M in Saylor’s Strategy Stock

California, Florida, Wisconsin, and North Carolina have the highest exposure to Strategy stock.

Summary

• Twelve US states, including California, Florida, Wisconsin, and North Carolina, have invested $330 million in Strategy, formerly known as MicroStrategy.
• California’s State Teachers Retirement System fund holds the highest interest, with 285,785 shares worth around $83 million.
• The retirement fund also holds 306,215 shares in Coinbase (COIN), worth $76 million.
• California Public Employees’ Retirement System has $76 million in Strategy Stock and $79 million in Coinbase.
• Strategy is the largest corporate Bitcoin holder, with 478,740 BTC valued at almost $46 billion at current pricing.
• Other states with Strategy stock in their public investment portfolios include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.

California, Florida, Wisconsin, and North Carolina have the greatest substantial exposure to Strategy stock.

A dozen U.S. governments have invested in Strategy, formerly known as MicroStrategy, with state pension funds and treasuries holding $330 million in equity as of the end of 2024.

According to Bitcoin expert Julian Fahrer, California, Florida, Wisconsin, and North Carolina have the largest exposure to Strategy stock.

According to a filing with the United States Securities and Exchange Commission (SEC) on February 14, California’s State Teachers Retirement System fund has the highest interest, with 285,785 shares valued at nearly $83 million.

The retirement fund, which controls $69 billion in stock assets, also holds 306,215 shares of Coinbase (COIN), valued at $76 million at the time of filing.

California Public Employees’ Retirement System has $76 million in Strategy Stock and $79 million in Coinbase.

Similarly, the California Public Employees’ Retirement System has 264,713 Strategy shares valued at over $76 million, as well as $79 million in Coinbase stock.

The fund, one of the largest public pension systems in the United States, oversees over $149 billion in assets.

Strategy is the largest corporate Bitcoin holder, with 478,740 BTC valued at almost $46 billion at current pricing.

This enormous Bitcoin reserve has made the company’s shares appealing to institutional investors eager to obtain exposure to Bitcoin without actually holding the money.

Between February 3 and February 9, the business bought an additional 7,633 BTC at an average price of $97,255 per coin, increasing its Bitcoin holdings.

Florida’s State Board of Administration of the Retirement System fund has 160,470 Strategy shares worth $46 million, while Wisconsin’s State Investment Board owns 100,957 shares worth around $29 million.

North Carolina’s Treasury owns $22 million in Strategy shares, while New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund own $26 million.

Other states have Strategy stock in their public investment portfolios are Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, according to Fahrer.

On February 5, the firm formally changed its name from MicroStrategy to Campaign and implemented a Bitcoin-focused marketing campaign.

Strategy’s stock (MSTR) has risen 16.5% since the beginning of 2025, and it has risen an impressive 383% in the last year, outpacing the broader cryptocurrency market, which has gained 62% in the same period.

West Virginia Senator Introduces Crypto and Gold State Treasury Investment Bill

Last week, West Virginia State Senator Chris Rose presented the Inflation Protection Act of 2025, which would allow the state treasury to allocate funds to digital assets and precious metals.

On January 23, former US President Donald Trump established a working group to investigate the feasibility of a federal digital asset reserve, sparking a wave of similar initiatives at the state level.

Utah Already Made Strides on This Front

On February 6, the Utah House of Representatives passed legislation authorizing the state treasury to invest in Bitcoin, certain altcoins, and stablecoins. The bill is currently being considered in the Utah Senate.

The same day, Kentucky joined the movement by introducing legislation allowing up to 10% of state funds to be invested in digital assets such as Bitcoin.

Also Read: Argentine President Javier Milei Under Investigation for Libra Coin Scandal

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