The growth of investments from pension funds indicates an increasing interest in Bitcoin.
According to Bitcoin.com News, pension and treasury funds of 14 U.S. states reported a total exposure of $632 million to the company Strategy (MicroStrategy, ticker MSTR) for the first quarter of 2025. This is $302 million more than in the previous quarter, reflecting an average investment growth of 44%.
The activation of states shows that institutional investors are increasingly using stocks of companies with a high Bitcoin share as a hedge against inflation and market instability.
Largest states: California, Florida, and Texas
California is the absolute leader in investment size. Pension funds for public employees and teachers hold a total of $276 million in MSTR shares.
Florida showed the largest absolute increase: more than 61,000 shares added, which is 38% more than in the previous quarter. Total value — $88 million.
Utah surprised with a sharp jump: growth of 184%, total position — $9 million.
Colorado increased its exposure by 67%, bringing investments to $12 million.
At the same time, Ohio, Kentucky, and Illinois did not change their position volumes.
Top-5 by investment volume in MSTR
California Public Employees Retirement System (CalPERS) — $142 million
California State Teachers’ Retirement System (CalSTRS) — $134 million
Florida State Board of Administration — $88 million
New Jersey Common Pension Fund D — $30 million
Texas Teachers’ Retirement System — $29 million
MSTR shares are becoming a proxy for institutional entry into BTC.
MicroStrategy, led by Michael Saylor, is known for its aggressive Bitcoin acquisition strategy. Since the beginning of 2024, it has increased its reserves to over 214,000 $BTC , and now more institutional players are considering MSTR as an indirect exposure tool to Bitcoin, especially under restrictions on direct ownership of cryptocurrency.
Given the high inflation sensitivity of pension assets and macroeconomic uncertainty, interest in alternative assets, including stocks linked to digital assets, continues to grow.
