US states commit $632 million to Strategy shares in Q1 2025

In the first quarter of 2025, fourteen U.S. states announced a total stock share value of $632 million in Strategy's (formerly MicroStrategy) MSTR shares, held in public pension and treasury funds.

This move emphasizes the increasing trend of states seeking indirect exposure to Bitcoin (BTC) through Strategy, a company known for its large BTC reserves.

Total MSTR Value of U.S. States Reaches $632 Million

Bitcoin Laws founder Julian Fahrer highlighted this disclosure on X (formerly Twitter). States have increased investment in MSTR by approximately 91.5% compared to the $330 million share reported in the fourth quarter of 2024.

"Total increase of $302 million in one quarter. The Medium increase in share size is 44%," Fahrer wrote.

California stands out as the largest investor. The state holds $276 million in MSTR shares through two major funds: the California State Teachers' Retirement System (CalSTRS) and the Public Employees' Retirement System.

CalSTRS holds 336,936 shares, reflecting an 18% growth. Additionally, the Public Employees' Retirement System holds 357,183 shares. They increased their shares by 35%, adding 92,470 shares in the first quarter of 2025.

Florida follows with $88 million in shares in the State Board of Administration Retirement System. This represents 221,860 shares and a quarterly growth of 38%. North Carolina and New Jersey both have $43 million in MSTR. The state treasurer previously managed 107,925 shares, with a quarterly growth of 41%.

In New Jersey, the Police and Firefighters Retirement System holds 33,628 shares (40% growth). Fund D General Retirement has 76,615 shares (14% growth).

Arizona, where the governor recently vetoed the Bitcoin reserve bill, continues to accumulate MSTR. Their shares increased by 25%. According to the latest data, they hold 66,523 MSTR shares ($26 million).

The Wisconsin Investment Board holds 127,528 shares worth $51 million, increasing 26% in the past quarter. This growth indicates increasing confidence in MSTR.

However, the Investment Board's decision to completely divest from BlackRock's Bitcoin iShares Trust (IBIT) emphasizes a cautious approach to some cryptocurrency investments. According to the latest 13F filing, in the first quarter of 2025, the board sold its entire $300 million stake in IBIT.

"It's surprising that the Wisconsin Investment Board sold their Bitcoin ETF shares for a few reasons. One of them is that they still maintain a $50 million position in MSTR," Fahrer said.

Notably, although holding only 25,287 shares worth $10 million, Utah has the highest quarterly growth rate of 184%, indicating recent rapid accumulation.

Colorado follows, with a strong quarterly growth of 67%. The state's Public Employees' Retirement Association holds 30,567 shares worth $12 million.

Meanwhile, MSTR itself has seen strong growth in 2025. According to data from Yahoo Finance, its value has increased 37% YTD.

In fact, with Bitcoin's recent price surge, MSTR price climbed to $430 on 05/09, marking its highest price since 12/16/2024. However, the stock dropped 19.7% in the past day, closing at $397.