MicroStrategy company brand logo on website. Source: Robert - stock.adobe.com

Key Takeaways:

State Pension Investments: Twelve U.S. states hold $330M in MicroStrategy (now Strategy) stock, with California leading.
Bitcoin Exposure: These holdings give state funds indirect exposure to Bitcoin, as Strategy owns 478,740 BTC ($46B).
Stock Performance: Since rebranding on Feb. 5, MSTR stock is up 16.5% in 2025 and 383% YoY, far outpacing the broader crypto market.

Twelve U.S. states collectively hold $330 million worth of MicroStrategy (now rebranded as Strategy) stock in their pension funds and treasuries, according to Bitcoin analyst Julian Fahrer.

California leads the investments, with the California State Teachers’ Retirement System (CalSTRS) owning 285,785 shares worth $83 million, and the California Public Employees’ Retirement System (CalPERS) holding 264,713 shares valued at $76 million.

🇺🇸 Big Strategy update:

12 US states reported public $MSTR holdings in Q1 (pension funds or Treasury) totaling $330m. pic.twitter.com/QYXGMktNTZ
— Julian Fahrer (@Julian__Fahrer) February 16, 2025

Both funds also have significant holdings in Coinbase, totaling $155 million.

Other major investors include Florida, Wisconsin, North Carolina, and New Jersey, with Florida’s retirement system owning 160,470 shares ($46 million) and Wisconsin holding 100,957 shares ($29 million).

Additional states with Strategy stock investments include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.

MicroStrategy remains the largest corporate Bitcoin holder, currently owning 478,740 BTC worth around $46 billion.

These state funds gain indirect Bitcoin exposure through their investments in Strategy stock.

The company recently bought 7,633 BTC at an average price of $97,255 per coin.

Since rebranding to Strategy on Feb. 5, the company has shifted to a Bitcoin-focused strategy, driving MSTR stock up 16.5% in early 2025 and 383% over the past year, far outperforming the broader crypto market’s 62% gain.