US states invest $330M in Strategy for Bitcoin exposure

Twelve states in North America have invested a total of $330 million in Strategy (formerly MicroStrategy) stock within their state pension funds and treasuries by the end of 2024.

Bitcoin (CRYPTO:BTC) analyst Julian Fahrer observed that California, Florida, Wisconsin, and North Carolina have the largest Strategy holdings.

California's teacher retirement fund holds the most significant stake in Michael Saylor's Strategy, with 285,785 shares valued at approximately $83 million, according to its Form 13F filing with the SEC on Feb. 14.

The California Public Employees’ Retirement System also has a substantial investment in Strategy stock, with 264,713 shares worth around $76 million, in addition to $79 million in Coinbase stock.

The state retirement fund holds around $149 billion in investments.

The Florida Retirement System Fund Management Board holds 160,470 Strategy shares worth $46 million, while the Wisconsin Investment Board holds 100,957 shares worth approximately $29 million.

North Carolina's state treasurer holds $22 million worth of MSTR stock, and New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund hold a combined $26 million worth.

According to Fahrer, other states with Strategy shares in public funds include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.

Strategy is the world’s largest corporate holder of Bitcoin, with 478,740 coins worth around $46 billion.

The firm’s most recent acquisition was 7,633 BTC at $97,255 per coin between Feb. 3 and Feb. 9.

The business intelligence firm rebranded to Strategy and adopted a Bitcoin-themed visual marketing scheme on Feb. 5.

MSTR stock has increased by 16.5% since the beginning of 2025 and has risen 383% since the same time in 2024.

At the time of reporting, the Bitcoin (BTC) price was $96,247.17.