12 US States Invest $330M in Saylor’s Strategy Stock, Analyst Reveals

Highlights:

• Twelve states in North America hold over $330 million in Michael Saylor’s Strategy stock.
• California’s CalSTRS and CalPERS hold the largest MSTR positions, totaling over $159 million.
• Strategy’s Bitcoin holdings and stock performance continue to attract global and state investment.

On February 17, Bitcoin analyst Julian Fahrer shared on X that twelve states in North America hold stock in Michael Saylor’s Strategy, formerly MicroStrategy, totaling over $330 million in their state treasuries or pension funds as of the end of 2024. California, Florida, Wisconsin, and North Carolina have the highest exposure to Strategy stock.

California Leads with Largest MSTR Holdings

California’s State Teachers Retirement System (CalSTRS) fund holds the largest position, with 285,785 shares valued at roughly $83 million, according to the Feb. 14 filing with the U.S. Securities and Exchange Commission (SEC). California Public Employees’ Retirement System (CalPERS) also owns 264,713 shares valued at approximately $76 million.

California’s State Teachers Retirement System fund, valued at $69 billion across various stocks, also holds Coinbase (COIN), with 306,215 shares worth $76 million at the time of filing. Additionally, it holds $79 million worth of Coinbase stock. This state retirement fund manages investments totaling around $149 billion.

The Treasurer of the State of North Carolina holds $22 million worth of MSTR. Meanwhile, New Jersey’s Police and Firemen’s Retirement System, along with the Common Pension Fund, hold a combined $26 million in MSTR.

Florida’s State Board of Administration of the Retirement System Fund holds 160,470 shares of Strategy, valued at $46 million. Meanwhile, Wisconsin’s State Investment Board owns 100,957 shares, which are worth about $29 million. According to Fahrer, other states with Strategy stock in their public funds include Arizona, Illinois, Louisiana, Maryland, Texas, Colorado, and Utah.

🇺🇸 Big Strategy update:

12 US states reported public $MSTR holdings in Q1 (pension funds or Treasury) totaling $330m. pic.twitter.com/QYXGMktNTZ

— Julian Fahrer (@Julian__Fahrer) February 16, 2025

Strategy’s Bitcoin Holdings and Stock Performance

Michael Saylor’s Strategy is the largest corporate holder of Bitcoin, with 478,740 BTC, worth around $46 billion at current prices. This follows the company’s recent acquisition of 7,633 BTC at an average price of $97,255 per coin between Feb. 3 and Feb. 9.

Since the beginning of 2025, MSTR stock has gained 16.5%. Notably, it has surged a remarkable 379% compared to the same time in 2024, far outperforming the broader crypto market. Over the past 12 months, the broader crypto market only saw a 62% increase. On February 5, the business intelligence firm rebranded to Strategy and adopted a Bitcoin-focused marketing approach.

Global Interest in Strategy’s Stock

States are attracted to Strategy because its business model centers on acquiring Bitcoin, offering exposure to its growth. Strategy’s focus on Bitcoin makes its stock an attractive choice for states wanting to benefit from the cryptocurrency’s potential.

It’s not only U.S. states investing in Strategy. Julian Fahrer highlights that public funds worldwide have also made significant investments. For instance, Canada’s Healthcare of Ontario Pension Plan holds $15 million in Strategy stock, and South Korea’s National Pension Service has invested $63 million.

Moreover, co-founder and president of Immutable, Robbie Ferguson, announced on X that JPMorgan had boosted its MSTR stock holdings by $100 million. This increase has raised the bank’s total Bitcoin exposure to $300 million.

JP Morgan just bought $100M in $MSTR, increasing their Bitcoin exposure to $300M.

Is this mainstream enough for you yet?

— Robbie Ferguson 🅧 | Immutable (@0xferg) February 17, 2025