A dozen U.S. states have invested in Strategy, the company formerly known as MicroStrategy, with state pension funds and treasuries collectively holding $330 million worth of its stock as of the end of 2024.
According to Bitcoin analyst Julian Fahrer, California, Florida, Wisconsin, and North Carolina have the most significant exposure to Strategy stock.
California’s State Teachers Retirement System fund holds the largest stake, with 285,785 shares valued at approximately $83 million, based on the Feb. 14 filing with the U.S. Securities and Exchange Commission (SEC).
The retirement fund, which manages $69 billion in stock investments, also owns 306,215 shares of Coinbase (COIN), worth $76 million at the time of the filing.
California Public Employees’ Retirement System Holds $76M in Strategy Stock, $79M in Coinbase
Similarly, the California Public Employees’ Retirement System holds 264,713 Strategy shares worth around $76 million, along with $79 million in Coinbase stock.
The fund, one of the largest public pension systems in the U.S., manages around $149 billion in assets.
Strategy remains the largest corporate holder of Bitcoin, with 478,740 BTC, valued at approximately $46 billion at current prices.
This massive Bitcoin reserve has made the company’s stock an attractive option for institutional investors looking to gain exposure to Bitcoin without directly holding the cryptocurrency.
Between Feb. 3 and Feb. 9, the company acquired an additional 7,633 BTC at an average price of $97,255 per coin, further strengthening its Bitcoin position.
Florida’s State Board of Administration of the Retirement System fund holds 160,470 Strategy shares valued at $46 million, while Wisconsin’s State Investment Board owns 100,957 shares worth approximately $29 million.
North Carolina’s Treasury has $22 million in Strategy stock, and New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund collectively hold $26 million.
Other states with Strategy stock in their public investment portfolios include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, Fahrer noted.
On Feb. 5, the company officially rebranded from MicroStrategy to Strategy, adopting a Bitcoin-centric marketing strategy.
Since the start of 2025, Strategy’s stock (MSTR) has surged 16.5%, and over the past year, it has climbed an impressive 383%—outpacing the broader cryptocurrency market, which has gained 62% in the same period.
West Virginia Senator Proposes Bill to Allow State Treasury Investments in Crypto and Gold
Last week, West Virginia State Senator Chris Rose introduced the Inflation Protection Act of 2025, a bill that would permit the state treasury to allocate a portion of its funds to digital assets and precious metals.
On January 23, former U.S. President Donald Trump commissioned a working group to explore the feasibility of a federal digital asset reserve, prompting a wave of similar initiatives at the state level.
On February 6, the Utah House of Representatives passed a bill allowing the state treasury to invest in Bitcoin, select altcoins, and stablecoins. The bill is now under consideration in the Utah Senate.
The same day, Kentucky joined the movement by introducing a bill that would permit up to 10% of state funds to be invested in digital assets, including Bitcoin.
This articles is written by : Nermeen Nabil Khear Abdelmalak
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By Nermeen Nabil Khear 
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