12 US States Hold $330 Million Stake in Strategy (Formerly MicroStrategy), Analyst Reports

A total of 12 U.S. states have significant exposure to Strategy, the business intelligence firm formerly known as MicroStrategy, with a combined investment of $330 million in the company’s stock, according to Bitcoin analyst Julian Fahrer. This investment is primarily held in state pension funds and treasuries, as of the end of 2024.

California Leads with Largest Investment in Strategy Stock

California holds the largest stake in Strategy, with more than $150 million in state retirement funds dedicated to the company. The California State Teachers’ Retirement System (CalSTRS) is the biggest holder of Strategy shares in the state, owning 285,785 shares worth approximately $83 million as of February 14, 2024. This is part of a broader $69 billion portfolio of stocks managed by CalSTRS.

Additionally, the California Public Employees’ Retirement System (CalPERS) also holds a significant amount of Strategy stock, with 264,713 shares valued at around $76 million. CalPERS, which oversees approximately $149 billion in assets, also maintains a $79 million stake in Coinbase, another major player in the cryptocurrency space.

Other States with Notable Investments

Florida, Wisconsin, North Carolina, and New Jersey are among the other states with substantial investments in Strategy. Florida’s State Board of Administration Retirement System holds 160,470 shares of the company, valued at $46 million, while Wisconsin’s Investment Board owns 100,957 shares worth $29 million.

North Carolina's treasurer also has a $22 million stake in Strategy, while New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund together hold $26 million worth of the company’s stock. Other states investing in Strategy include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, as reported by Fahrer.

Strategy's Bitcoin Holdings and Rebranding

Strategy is well known for being the world’s largest corporate holder of Bitcoin, with 478,740 BTC, currently valued at around $46 billion at today’s prices. By holding shares in Strategy, state funds gain indirect exposure to Bitcoin, as the company’s fortunes are closely tied to the performance of the digital asset.

Recently, the company made headlines with its continued Bitcoin acquisitions. Between February 3 and February 9, Strategy purchased 7,633 BTC at a price of $97,255 per coin. This was the latest addition to the company’s already massive Bitcoin holdings.

In a significant rebranding move, Strategy officially changed its name from MicroStrategy on February 5, embracing a Bitcoin-themed visual marketing scheme to reinforce its role as a major Bitcoin treasury holder.

Impressive Stock Performance

Strategy's stock (MSTR) has experienced a notable increase in value this year. Since the start of 2025, MSTR has gained 16.5%, significantly outperforming the broader cryptocurrency market, which saw a 62% rise over the same period. Over the past year, MSTR has surged an impressive 383%, reflecting growing confidence in the company’s Bitcoin strategy and its broader financial performance.

Conclusion

The growing exposure of state pension funds to Strategy highlights the increasing mainstream acceptance of Bitcoin and the broader cryptocurrency ecosystem. By investing in Strategy, these funds are gaining indirect exposure to Bitcoin, a high-risk, high-reward asset that has become a cornerstone of the company’s business model. As Strategy continues to expand its Bitcoin holdings and strengthen its brand, it remains an important player in both the traditional finance and cryptocurrency sectors.