tl;dr
In Q1 2025, fourteen US states reported combined holdings of $632 million in Strategy’s (formerly MicroStrategy) MSTR stock within public retirement and treasury funds, marking a 91.5% increase from $330 million in Q4 2024. California is the largest investor with $276 million across two major funds....
In Q1 2025, fourteen US states increased their combined holdings in Strategy’s (MSTR) stock to $632 million, marking a striking 91.5% growth from Q4 2024’s $330 million.
California leads the pack as the largest investor with $276 million in MSTR shares, spread across CalSTRS and the Public Employees Retirement System. CalSTRS alone holds 336,936 shares, growing 18%, while the Public Employees Retirement System added 92,470 shares, boosting its stake by 35% in one quarter.
Florida follows with $88 million in holdings via the State Board of Administration Retirement System, growing 38% quarter-over-quarter with 221,860 shares.
North Carolina and New Jersey each hold $43 million in MSTR shares. North Carolina’s Treasurer manages 107,925 shares with a 41% increase, while New Jersey’s Police and Firemen’s Retirement System and Common Pension Fund D collectively grew by up to 40%.
Arizona increased its MSTR stake by 25% to $26 million despite the governor vetoing a Bitcoin reserve bill, holding 66,523 shares.
Wisconsin’s Investment Board raised its MSTR holding by 26% to $51 million with 127,528 shares but simultaneously divested entirely from BlackRock’s Bitcoin ETF (IBIT), signaling selectivity in crypto exposure.
Utah showed the fastest growth pace among all states — a staggering 184% quarterly surge — accumulating 25,287 shares valued at $10 million.
Colorado’s Public Employees Retirement Association also displayed strong confidence by increasing holdings 67% to $12 million with 30,567 shares.
This wave of increased MSTR investment coincided with Strategy’s stock appreciation of 37% year-to-date in 2025, peaking at $430 in early May before dipping 19.7% to close at $397.
The growing state-level accumulation of MSTR shares highlights an emerging trend: public retirement and treasury funds are leveraging Strategy’s stock as an indirect, yet significant, vehicle for Bitcoin exposure. This nuanced approach offers states a blend of traditional equity investment with the upside potential of cryptocurrency, amid rising market dynamics and regulatory considerations.