Fourteen U.S. state-level public retirement and treasury funds reported a combined $632 million exposure to Strategy stock MSTR in the first quarter of 2025, marking a significant surge in institutional allocations toward Bitcoin-linked equities.

What Happened: According to publicly filed Q1 holdings data compiled by Julian Fahrer, founder of Bitcoin Laws, state retirement and pension funds across 14 states added $302 million in new MicroStrategy stock positions during the quarter—an average quarter-over-quarter increase of 44%.

These funds now collectively hold over 2 million shares in Strategy, a company known for holding more than 214,000 BTC on its balance sheet.

The largest holders include California’s Public Employees Retirement System (357,183 shares, $142 million) and California State Teachers' Retirement System (336,936 shares, $134 million).

Also Read: Jim Chanos Goes Long Bitcoin, Short MicroStrategy In Arbitrage Bet Against Retail Speculation

Other major increases came from:

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• Florida, with a 38% increase to 221,860 shares ($88M),
• North Carolina, with a 41% jump to 107,925 shares ($43M),
• Colorado, with a 67% increase to 30,567 shares ($12M),
• Utah, which saw the sharpest rise—up 184% to 25,287 shares.

The data highlights how public pension and treasury managers are increasingly allocating capital into crypto-linked equities, despite the inherent volatility of such assets.

Notably, Wisconsin's State Investment Board, which liquidated its $300 million Bitcoin ETF position earlier in 2025, still holds 127,528 MSTR shares worth $51 million.

What’s Next: This trend points toward a broader institutional pivot toward Bitcoin as part of long-term asset diversification strategies, even amid policy and macroeconomic uncertainty.

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