By means of their pension and treasury funds, twelve U.S. states had recorded interests in Strategy stock—formerly known as MicroStrategy—totaling around $330 million by the end of 2024.
Bitcoin researcher Julian Fahrer says California, Florida, Wisconsin, and North Carolina have the most notable investments. California leads among them with significant ownership from its state retirement funds.
Based on a recent U.S. Securities and Exchange Commission (SEC) report, the California State Teachers Retirement System owns the most—285,785 shares valued at over $83 million. Comprising a portfolio valued at $69 billion, this fund also owns 306,215 shares of Coinbase, valued at $76 million.
Comparably, the California Public Employees’ Retirement System owns $79 million in Coinbase stock in addition to 264,713 Strategy stock shares valued at around $76 million. This pension fund oversees over $149 billion in assets.
With 478,740 BTC, or about $46 billion at current pricing, strategy still holds the biggest corporate ownership of Bitcoin. Many institutional investors view strategy stock as a way to indirectly invest in Bitcoin without directly owning the coin.
Purchasing 7,633 BTC at an average price of $97,255 each coin, the business increased its Bitcoin holdings between February 3 and February 9.
Other noteworthy investments are those of Florida’s State Board of Administration, with 160,470 shares worth $46 million, and Wisconsin’s State Investment Board, with 100,957 shares worth $29 million. While New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund total $26 million invested, North Carolina’s Treasury has $22 million in strategy stock.
Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah are among the other states possessing strategy stock in public monies.
On February 5, the company officially changed its name from MicroStrategy to Strategy, aligning its marketing strategy with a focus on Bitcoin. Strategy’s stock (MSTR) has increased 16.5% since the start of 2025; over the past year, it has surged 383%, greatly beating the larger cryptocurrency market, which has witnessed a 62% growth during the same period.
