Key Points
- Michael Saylor’s Strategy (MSTR) has received significant investments from 12 US state retirement funds.
- Strategy is the largest corporate holder of Bitcoin, providing indirect Bitcoin exposure through its stock.
Michael Saylor’s Strategy, previously known as MicroStrategy (NASDAQ: MSTR), has attracted huge investments from 12 US state retirement funds. The total exposure to the MSTR stock from these funds is over $330 million. Retirement funds and treasuries from states such as Florida, California, North Carolina, and Wisconsin have the highest exposure to Strategy.
Significant Investments in Strategy
The teacher retirement fund from California holds the largest stake in Strategy with 285,785 shares. These shares are valued at approximately $83 million as per a Form 13F filing with the US Securities and Exchange Commission (SEC) on February 14.
The State Teachers Retirement System (STRS) of California, which has a total portfolio of $69 billion in stocks, also holds a significant position in Coinbase (COIN). According to the filing, it holds 306,215 COIN shares worth $76 million.
On the other hand, the California Public Employees’ Retirement System (CalPERS) holds 264,713 shares in Strategy stock, valued at approximately $76 million. With Strategy being a massive holder of Bitcoin, it has become the best proxy bet for institutional players in recent years. This is reflected in the MSTR stock price which has given nearly 3x returns than Bitcoin during 2024.
Bitcoin Holdings of Strategy
Strategy is the world’s largest corporate holder of Bitcoin, with 478,740 BTC valued at approximately $46 billion at current prices. Investing in its stock offers a way to gain exposure to Bitcoin indirectly. This comes following last week’s acquisition of 7,633 BTC at an average price of $97,255 per coin.
Since the beginning of 2025, MSTR stock has surged 16.5% and has skyrocketed 383% compared to the same time last year, significantly outperforming the broader crypto market, which has gained 62% over the past 12 months.
Strategy (MSTR) Stock Demand among State-Pension Funds
The State Board of Administration of Florida Retirement System holds 160,470 shares of Strategy, valued at approximately $46 million. Meanwhile, the State of Wisconsin Investment Board owns 100,957 shares, worth around $29 million, according to recent filings.
The Treasurer of the State of North Carolina holds $22 million worth of Strategy stock, while New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund together hold $26 million in shares.
Other states with investments in Strategy stock include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, as reported by financial analyst Fahrer.
