Twelve U.S. States Hold $330 Million in Strategy Stock Across Public Pension and Treasury Funds

• Twelve U.S. states hold a combined $330 million in Strategy stock, with California leading among them.
• The strategy remains the largest corporate Bitcoin holder, with 478,740 BTC worth $46 billion.
• Strategy’s stock surged 16.5% in early 2025 and 383% since early 2024, outperforming the broader crypto market.

As of late 2024, twelve U.S. states have reported holding shares of Strategy, formerly MicroStrategy, in their state pension funds or treasury holdings. The combined investment in the business intelligence firm reached $330 million, according to public filings. Major holdings were reported in California, Florida, Wisconsin, and North Carolina, with California’s teacher retirement fund holding the largest share.

California’s Pension Funds Lead in Strategy Holdings

In a post on X by Julian Fahrer, the California State Teachers’ Retirement System (CalSTRS) held 285,785 shares of Strategy, valued at approximately $83 million at the time of its Form 13F filing with the U.S. Securities and Exchange Commission (SEC) on Feb. 14. 

In addition to Strategy stock, CalSTRS also held 306,215 shares of Coinbase, valued at around $76 million. The retirement system manages a total of $69 billion in stock investments.

Another California fund, the California Public Employees’ Retirement System (CalPERS), also maintains a significant position in Strategy, with 264,713 shares worth $76 million. CalPERS further holds $79 million worth of Coinbase shares, contributing to its broader $149 billion investment portfolio.

State Investments in Strategy Stock Extend Beyond California

The State Board of Administration of the Florida Retirement System reported 160,470 shares of Strategy, valued at $46 million. Wisconsin’s State Investment Board held 100,957 shares, worth approximately $29 million. Meanwhile, the Treasurer of the State of North Carolina maintained holdings valued at $22 million.

New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund collectively held $26 million worth of Strategy shares. Other states with Strategy stock in their public funds include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.

The strategy remains the largest corporate holder of Bitcoin, with 478,740 BTC valued at approximately $46 billion. The company most recently acquired 7,633 BTC between Feb. 3 and Feb. 9 at an average price of $97,255 per coin.

Since rebranding on Feb. 5, Strategy’s stock has gained 16.5% in early 2025 and surged 383% since early 2024, outpacing the broader crypto market’s 62% gain over the same period.