Twelve U.S. states are betting on Michael Saylor’s company, with California leading the investments with over $80 million.
According to an analysis by Julian Fahrer, twelve U.S. states have collectively invested $330 million in Strategy (formerly MicroStrategy) shares through their state pension funds and treasuries by the end of 2024.
California leads the way, where the California State Teachers’ Retirement System (CalSTRS) holds the largest share: 285,785 shares worth about $83 million, as reported in the Form 13F filed with the SEC on February 14. This same fund, which manages a total stock portfolio of $69 billion, has diversified its investments by also including 306,215 shares of Coinbase, valued at $76 million.
The California Public Employees’ Retirement System (CalPERS) followed a similar strategy, investing $76 million in Strategy and $79 million in Coinbase, within an overall portfolio of $149 billion.
Strategy, which recently rebranded to focus on Bitcoin, remains the largest corporate holder of the asset with 478,740 bitcoins, worth around $46 billion at current prices. The latest purchase occurred between February 3 and 9, with 7,633 BTC acquired at $97,255 per unit.
Other states have followed California’s lead: Florida invested $46 million through its pension system, while Wisconsin allocated around $29 million. North Carolina set aside $22 million, and New Jersey committed $26 million through its police and fire pension funds.
Investments in Strategy have also been identified in public funds from Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.
