Key Takeaways
- Twelve U.S. states hold $330 million in Strategy stock.
- California leads with over $150 million in pension fund investments.
- Strategy stock has risen 383% over the past year, far outpacing Bitcoin's gains.
Twelve U.S. states collectively hold $330 million in shares of Strategy, formerly known as MicroStrategy, through their state pension funds and treasuries, according to Bitcoin analyst Julian Fahrer.
California leads investment
California has the largest stake, with its teacher retirement fund holding 285,785 shares valued at $83 million as of its Feb. 14 filing with the U.S. Securities and Exchange Commission (SEC).
The California Public Employees’ Retirement System also holds 264,713 shares worth $76 million.
Together, these funds have invested over $150 million in Michael Saylor’s business intelligence and Bitcoin treasury firm.
Other state holdings
Other states with significant holdings include Florida, with its retirement system fund holding 160,470 shares valued at $46 million, and Wisconsin, which owns 100,957 shares worth $29 million.
North Carolina’s treasurer holds $22 million in Strategy stock, while New Jersey’s public pension funds hold a combined $26 million.
Additional states with Strategy investments include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
Bitcoin holdings
Strategy is the largest corporate holder of Bitcoin, with 478,740 BTC worth approximately $46 billion.
The company recently acquired 7,633 BTC between Feb. 3 and Feb. 9 at an average price of $97,255 per coin.
Stock performance
MSTR stock has gained 16.5% in 2025 and surged 383% over the past year, significantly outperforming the broader Bitcoin market’s 62% increase.
