TLDR
- Fourteen US states disclosed a combined $632 million investment in Strategy stock in the first quarter of 2025.
- Strategy remains popular due to its large Bitcoin reserves and rising stock value.
- California led with $276 million in holdings through its two major public pension funds.
- Florida, North Carolina, and New Jersey each reported significant increases in Strategy share acquisitions.
- Despite its smaller share count, Utah showed the highest quarterly growth rate at 184%.
In Q1 2025, fourteen US states collectively reported $632 million in Strategy stock across public retirement and treasury funds. Strategy, formerly MicroStrategy, is known for its large Bitcoin reserves and strong stock performance. This surge signals growing state-level interest in gaining indirect Bitcoin exposure through traditional equity holdings.
California Leads in Strategy Share Accumulation
California holds the largest portion of Strategy shares, totaling $276 million across its two main pension funds. CalSTRS added 18% more shares, reaching 336,936, while CalPERS increased its stake by 35% to 357,183 shares. This quarter, the state’s combined holdings represent the highest dollar value among all reporting entities.
The consistent growth shows a continued push toward blockchain-aligned assets through regulated institutions like Strategy. Both California funds saw a significant quarterly rise in share numbers and market value. As Strategy’s stock price grew in early 2025, the value of California’s holdings appreciated accordingly.
Other large holders like Florida and North Carolina also expanded their positions in Strategy during Q1. Florida reported 221,860 shares valued at $88 million, a 38% quarterly increase. North Carolina’s treasurer now manages 107,925 shares, reflecting a 41% jump since Q4 2024.
Smaller States Show Rapid Growth in Strategy Shares
Utah posted the highest percentage increase in Strategy holdings, up 184% from the previous quarter. It currently holds 25,287 shares valued at $10 million across its retirement system. The sharp rise marks the most aggressive quarter-on-quarter growth among all states.
Colorado followed with a 67% increase, now managing 30,567 shares worth $12 million. This demonstrates accelerated activity even among states with limited exposure to the Strategy. Such momentum aligns with the rising market interest in Bitcoin-aligned equities.
Arizona raised its holdings by 25%, bringing its Strategy share count to 66,523 worth $26 million. This occurred despite the recent veto of a proposed Bitcoin reserve bill in the state. The development indicates selective but rising engagement with crypto-linked stocks.
Wisconsin and New Jersey Shift Strategies in Crypto Exposure
Wisconsin’s Investment Board holds 127,528 Strategy shares valued at $51 million after growing its position by 26% during the quarter. However, it simultaneously sold its entire $300 million stake in the iShares Bitcoin Trust (IBIT). This move shows a change in approach toward direct crypto-related securities.
New Jersey maintains $43 million in Strategy holdings across two public pension funds. The Police and Firemen’s Retirement System holds 33,628 shares, increasing by 40%, while Common Pension Fund D grew by 14% to 76,615 shares. These steady gains contribute to New Jersey’s overall Bitcoin-related asset exposure.
While Strategy’s stock closed at $397 on May 9 after a recent peak, it remains up 37% year-to-date. This performance supports the increasing state-level allocation to the stock.
