Public state funds in the U.S. are buying shares of Strategy, formerly MicroStrategy, en masse in potential evidence of a desire for Bitcoin exposure.
At least 12 U.S. public state funds, including pension funds and treasury, have reported ownership of Strategy shares per data compiled by Bitcoin-focused builder Julian Fahrer from recently released Q4 2024 reports filed with the Securities and Exchange Commission (SEC).
These states include Arizona, California, Colorado, Florida, Illinois, Louisiana, Maryland, North Carolina, New Jersey, Texas, Utah, and Wisconsin. In total, they hold $330.5 million worth of shares in the company, which has dubbed itself a Bitcoin treasury firm amid its aggressive acquisition of the leading digital asset.
California’s State Teacher’s Retirement System and Public Employees Retirement Association boast the largest Strategy shareholdings with $82.8 million and $76.7 million, respectively. Florida’s State Board of Administration Retirement System comes in at a distant third with $46.4 million worth of the Bitcoin proxy’s shares.
The reported Strategy exposure of these public funds follows the firm’s acceleration of its Bitcoin treasury strategy within the quarter, purchasing more of the asset almost every week within the period. This has culminated in the firm holding nearly 479,000 BTC worth over $46 billion at the time of writing.
The data also points to a growing desire for Bitcoin exposure among U.S. states, about 18 of which are already pushing to allow for direct investments in the asset with strategic Bitcoin reserve bills. These states include Florida, Maryland, Texas, and Utah, to name a few.
VanEck recently disclosed that if these bills passed, U.S. states could buy up to $23 billion worth of the leading digital asset.
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