Twelve North American States Hold $330M in Strategy (MicroStrategy) Stock in Public Funds

As of the end of 2024, twelve states in North America have disclosed holding shares of Strategy, previously known as MicroStrategy, in their state pension funds or treasury, amounting to $330 million. Among these states, California, Florida, Wisconsin, and North Carolina have the highest exposure to Strategy, as noted by Bitcoin analyst Julian Fahrer on Feb. 17. Specifically, California's teacher retirement fund holds the largest amount of shares in Michael Saylor's business intelligence software firm, with 285,785 shares valued at approximately $83 million according to the Form 13F filing with the US Securities and Exchange Commission on Feb. 14. Additionally, California's State Teachers Retirement System fund, which has a total of $69 billion in various stocks, also has holdings in Coinbase (COIN), with 306,215 shares valued at $76 million at the time of filing. The California Public Employees' Retirement System is also heavily invested in Strategy stock, with 264,713 shares valued at around $76 million, along with $79 million worth of Coinbase stock, as the state retirement fund has approximately $149 billion in investments. Strategy is currently the largest corporate holder of Bitcoin (BTC), possessing 478,740 coins valued at around $46 billion at current prices, making it a way for investors to indirectly gain exposure to the asset. The most recent acquisition by the firm was 7,633 BTC at a price of $97,255 per coin between Feb. 3 and Feb. 9. The State Board of Administration of Florida Retirement System fund holds 160,470 Strategy shares valued at $46 million, while the State of Wisconsin Investment Board holds 100,957 shares valued at approximately $29 million at the time of filing. The Treasurer of the State of North Carolina has holdings of MSTR worth $22 million, while New Jersey's Police and Firemen's Retirement System and Common Pension Fund collectively hold shares worth $26 million. Other states with Strategy stock in their public funds include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, according to Fahrer. The business intelligence firm and Bitcoin treasury company, formerly known as MicroStrategy, rebranded to Strategy and introduced a Bitcoin-themed visual marketing scheme on Feb. 5. MSTR stock has seen a 16.5% increase since the beginning of 2025 and a remarkable 383% rise since the same time in 2024, outperforming the broader crypto market, which has only gained 62% over the past 12 months.