14 US States Report $632M in Exposure to Michael Saylor’s Strategy in Q1

This marks a massive $302 million increase from the previous quarter—an average quarter-over-quarter growth of 44% in holding size.

The data, shared by Bitcoin.com News, underscores growing institutional interest in Strategy, a company known for its substantial Bitcoin holdings. With state retirement systems seeking returns in an increasingly inflation-sensitive environment, this trend highlights a shift toward more aggressive asset allocations.

Key Highlights:

California leads the pack with a combined $276 million exposure through its State Teachers’ and Public Employees’ Retirement Systems. Florida saw the largest increase in absolute terms, adding over 61,000 shares—a 38% jump worth $88 million. Utah posted the most dramatic percentage rise, with a staggering 184% growth quarter-over-quarter, bringing its holdings to $9 million. Colorado also made a bold move with a 67% increase in MSTR holdings, now valued at $12 million. Ohio, Kentucky (one of two funds), and Illinois reported no change in holdings this quarter.

Top 5 State Funds by Value:

California Public Employees Retirement System – $142M California State Teachers’ Retirement System – $134M Florida State Board of Administration – $88M New Jersey Common Pension Fund D – $30M Texas Teachers’ Retirement System – $29M

This uptick suggests rising confidence in Strategy’s strategy and, by extension, in Bitcoin. With many state funds traditionally leaning conservative, the Q1 data may signal a broader shift toward incorporating alternative assets into pension portfolios.

As macroeconomic uncertainty looms, expect continued scrutiny—and possibly increased adoption—of digital-asset-tied equities among institutional investors.

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