David Edwards
As of late 2024, twelve US states revealed that they had shares of Strategy, the business intelligence company that was once known as MicroStrategy, in their treasury holdings or public pension funds. These roughly $330 million investments highlight the growing institutional interest in stocks associated with Bitcoin.
California Is the State with the Highest Strategy Stock Investments
Julian Fahrer, a Bitcoin analyst, claims that the states with the most exposure to Strategy are California, Florida, Wisconsin, and North Carolina public retirement funds.
When California’s State Teachers Retirement System (CalSTRS) filed a Form 13F with the U.S. Securities and Exchange Commission (SEC) on February 14, it had 285,785 shares, which were worth $83 million. In addition to managing $69 billion in equity investments, CalSTRS also possesses 306,215 Coinbase (COIN) shares, which were valued at $76 million at the time of reporting.
In the meantime, the California Public Employees’ Retirement System (CalPERS) owns $79 million worth of Coinbase stock and 264,713 shares of Strategy, for a total stake of $76 million. The whole investment portfolio of CalPERS is estimated to be worth $149 billion.
Additional Important States Investing in Strategy Stock
Florida Retirement System State Board of Administration: 160,470 Strategy shares worth $46 million
State of Wisconsin Investment Board: $29 million, or 100,957 shares
Treasurer of North Carolina: Strategy stock valued at $22 million
The combined investment of $26 million in New Jersey’s Common Pension Fund and Police and Firemen’s Retirement System
According to Fahrer, other states that have invested in Strategy stock include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Strategy’s Bitcoin Holdings and Market Performance With 478,740 BTC, or over $46 billion at current rates, Strategy continues to be the largest corporate holder of Bitcoin (BTC). Through its stock, which has increased 16.5% year-to-date in 2025 and 383% since early 2024, the company offers indirect exposure to Bitcoin, outpacing the 62% rise of the larger cryptocurrency market during the same time frame.
Between February 3 and February 9, the company acquired 7,633 Bitcoin at an average price of $97,255 per coin.
