U.S. States Boost Bitcoin Exposure Through Strategy Stock Surge

In a growing shift toward indirect Bitcoin investment, 14 U.S. states significantly expanded their stakes in Strategy (formerly MicroStrategy) during the first quarter of 2025.

Public filings show a collective $632 million now tied up in Strategy stock, a dramatic increase from the $330 million held just a quarter earlier.

The surge underscores a rising interest among state-managed funds in leveraging Strategy’s massive Bitcoin reserves without holding the asset directly. Notably, California led the charge with $276 million invested via its two largest pension systems—CalSTRS and CalPERS—each increasing their holdings by double-digit percentages.

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Florida followed, with its state retirement fund amassing $88 million in shares, while North Carolina, New Jersey, and Wisconsin also deepened their exposure. Utah stood out with a 184% quarterly jump in holdings, signaling aggressive accumulation despite its relatively smaller total value.

Interestingly, while Wisconsin expanded its Strategy position to over $50 million, it simultaneously exited a $300 million investment in BlackRock’s Bitcoin ETF, signaling a shift in institutional strategy—favoring corporate BTC-backed equity over spot ETF exposure.

Overall, the latest data points to a broader trend: U.S. states are embracing Bitcoin—but doing so through equities tied to the asset rather than direct holdings, reflecting both interest in crypto and caution around its volatility.

Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.