Bitcoin’s institutional acceptance is accelerating—12 U.S. states now hold a combined $330 million in Strategy stock, signaling a major shift in government-backed investment strategies
According to Bitcoin analyst Julian Fahrer, California, Florida, Wisconsin, and North Carolina lead the way in exposure to Strategy stock. These investments highlight growing state-level confidence in Bitcoin, with Strategy holding 478,740 BTC worth $46 billion
California’s Significant Holdings
California’s teacher retirement fund is the most exposed to Strategy stock, holding 285,785 shares worth approximately $83 million, based on the U.S. Securities and Exchange Commission’s (SEC) Form 13F filing on February 14. The California State Teachers Retirement System (CalSTRS), which manages a $69 billion stock portfolio, also holds significant shares in Coinbase (COIN), with 306,215 shares valued at $76 million.
Similarly, the California Public Employees’ Retirement System (CalPERS) holds 264,713 shares of Strategy, valued at around $76 million, alongside $79 million worth of Coinbase stock. With a total investment portfolio of approximately $149 billion, CalPERS’ allocation toward Bitcoin-related assets demonstrates a strategic move toward alternative investment exposure.
Broader State Investment Trends
Florida’s State Board of Administration Retirement System holds 160,470 shares of Strategy, valued at $46 million, while the State of Wisconsin Investment Board has acquired 100,957 shares worth roughly $29 million. North Carolina’s state treasurer has also reported holdings of $22 million in Strategy stock.
Meanwhile, pension funds in New Jersey, including the Police and Firemen’s Retirement System and Common Pension Fund, collectively own $26 million in Strategy stock. Other states with exposure include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
The Rise of Strategy and Bitcoin’s Institutional Adoption
On February 5, MicroStrategy officially rebranded to Strategy, aligning itself even further with Bitcoin-centric branding and marketing. The firm has continued its aggressive Bitcoin accumulation strategy, with its latest purchase between February 3 and February 9 consisting of 7,633 BTC at an average price of $97,255 per coin.
The market has responded positively to Strategy’s commitment to Bitcoin, with its stock (MSTR) surging 16.5% since the beginning of 2025. Over the past year, MSTR has outperformed the broader crypto market, rallying by an astonishing 383% compared to the overall crypto market’s 62% gain.
Implications for Bitcoin’s Future in Institutional Portfolios
The inclusion of Strategy stock in state-backed funds marks a crucial turning point for Bitcoin’s institutional adoption. By investing in Strategy, states indirectly gain exposure to Bitcoin, reflecting a shift in perception from speculative asset to long-term store of value.
While regulatory uncertainty around direct Bitcoin holdings remains a concern, investing in publicly traded companies with significant BTC exposure provides a regulated avenue for institutions to participate in the digital asset market. As more states and institutional investors recognize Bitcoin’s value proposition, the broader financial landscape may see continued integration of crypto-related assets into traditional investment portfolios.
If this trend continues, Bitcoin exposure through pension funds could become mainstream, potentially influencing financial regulations and accelerating broader institutional adoption. As states cautiously embrace Bitcoin, the coming decade could redefine how digital assets integrate with government-backed investments.
