A dozen U.S. states have emerged as significant institutional investors in Strategy (formerly MicroStrategy), collectively holding $330 million in company stock through their pension funds and treasury accounts as of late 2024. This substantial investment showcases growing institutional confidence in Bitcoin-focused securities.
California Leads State-Level Crypto Investment
California's state funds dominate institutional exposure, with its Teachers Retirement System holding 285,785 shares valued at $83 million. The state's Public Employees' Retirement System maintains a comparable position with 264,713 shares worth $76 million, while also holding significant Coinbase stock investments.
Nationwide Institutional Adoption
Florida's State Board of Administration has allocated $46 million to Strategy shares, while Wisconsin's State Investment Board and North Carolina's Treasury have invested $29 million and $22 million, respectively. Additional states, including Arizona, Colorado, and Texas, have also established positions in Strategy stock, reflecting a broader trend of institutional cryptocurrency exposure through traditional securities.
The company's position as the largest corporate Bitcoin holder, with 478,740 BTC valued at approximately $46 billion, has made it an attractive proxy for institutional Bitcoin investment. Recent acquisitions of 7,633 BTC at $97,255 per coin further strengthen its market position.
State-Level Crypto Integration Expands
The institutional interest in Strategy coincides with growing state-level initiatives to embrace digital assets. West Virginia's proposed Inflation Protection Act of 2025 and Utah's recent house bill passage demonstrate increasing legislative support for cryptocurrency investments at the state level. Kentucky's proposal to allow up to 10% of state funds in digital assets further indicates this shifting regulatory landscape.
This integration of cryptocurrency exposure through traditional investment vehicles represents a significant milestone in the institutional adoption of digital assets, with state pension funds leading the way in bridging traditional finance with the cryptocurrency sector.
