Twelve U.S. states have collectively invested $330 million in Strategy (formerly MicroStrategy) through their state pension funds or treasuries by the end of 2024.
Bitcoin analyst Julian Fahrer highlighted that California, Florida, Wisconsin, and North Carolina have the highest exposure to the company, as noted in recent regulatory filings.
California’s State Teachers Retirement System holds 285,785 shares valued at about $83 million in Michael Saylor’s business intelligence firm, according to a February 14 Form 13F filing. The retirement fund, which has $69 billion in assets, also owns 306,215 Coinbase (COIN) shares worth approximately $76 million.
Similarly, the California Public Employees’ Retirement System has substantial exposure to Strategy, holding 264,713 shares valued at approximately $76 million. The fund also has a $79 million stake in Coinbase. With around $149 billion in total investments, the state retirement fund remains heavily invested in the tech and crypto sectors.
Several states have made significant investments in a strategy. Florida’s Retirement System holds 160,470 shares valued at $46 million, while Wisconsin’s Investment Board owns 100,957 shares worth about $29 million. North Carolina has invested $22 million, and New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund collectively have $26 million shares.
Fahrer identifies several states, Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah, that have invested public funds in Bitcoin-related equities, highlighting the increasing institutional interest in this area.
Strategy itself 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 provides an indirect way to gain exposure to Bitcoin’s market movements. Reinforcing its position, Strategy recently purchased an additional 1,070 BTC for $101 million at an average acquisition price of $94,004 per coin. In its latest investor filing, the company reported a Bitcoin yield of 48% for Q4 2024 and 74.3% for the whole year.
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