Ohio’s biggest pension fund is moving deeper into high-volatility tech, while quietly stepping away from ride-hailing.
OPERS, short for Ohio Public Employees Retirement System, added major positions in Palantir Technologies and MicroStrategy during the second quarter of 2025, while cutting its stake in Lyft, according to filings with the Securities and Exchange Commission.
As of December 31, 2024, OPERS reported $155.6 billion in total assets, ranking it as the 14th largest public pension fund in the United States.
OPERS doubles down on Palantir and Strategy, exits Lyft
Palantir Technologies led the charge. OPERS bought an extra 171,441 shares of the company during Q2, raising its total to 908,712 shares. This came as Palantir’s stock rose 80% in the first half of 2025, leaving the broader S&P 500’s 5.5% gain in the dust. The momentum hasn’t stopped either—shares are up 13% so far in the third quarter, compared to a modest 1.5% increase in the S&P.
Palantir’s surge began after it was added to the S&P 500 in September, a move that pushed index-tracking funds to buy shares automatically. The company also continued to deliver strong earnings, and this past Thursday, its stock hit an all-time high of $155.68.
MicroStrategy, which now refers to itself as Strategy for the love of Bitcoin, was another big buy. OPERS added 21,499 shares, lifting its position to 101,880 shares by the end of June. Strategy’s bet is purely on Bitcoin. The firm has become the largest corporate holder of the OG crypto and has sold more than $3 billion in preferred shares to buy even more. Those preferred carry interest rates as high as 11.5%, a figure that raised eyebrows.
“Investors are questioning whether the yield is enough compensation, especially when there’s no reliable source of cash to pay dividends,” said Barron’s, which flagged the concerns in a recent note. Strategy disagrees, pointing out that its Bitcoin holdings are worth far more than what it owes. In the meantime, its stock rose 40% in the first half of 2025, with an additional 4.7% gain in Q3 so far.
Meanwhile, OPERS took a step back from Lyft, selling 58,881 shares and dropping its total stake to 166,628 shares, despite a 22% rise in Lyft’s stock during the first half of the year. But the ride-hailing company has lost ground since July, with shares down 6.3% in Q3.
February’s earnings report was mixed, and though May’s Q1 update featured a bigger share repurchase plan, it wasn’t enough to convince OPERS to stay. TD Cowen upgraded the stock in June from Hold to Buy, saying autonomous vehicle competition could help. OPERS clearly wasn’t sold.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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