US States' Combined MSTR Holdings Reach $632 Million

In the first quarter of 2025, fourteen US states disclosed combined holdings of $632 million in Strategy's (formerly MicroStrategy) MSTR stock.

In the first quarter of 2025, fourteen US states disclosed a combined $632 million in Strategy's (formerly MicroStrategy) MSTR stock. The capital is part of public retirement and treasury funds, according to a Friday report by Bitcoin (BTC) Laws founder Julian Fahrer.

The move highlights a broader trend of states gaining indirect exposure to BTC through Strategy, a company well-known for its large Bitcoin holdings.

The disclosed state holdings in MSTR at the end of Q1 2025. Source: X

The states increased their MSTR exposure by about 91.5% from the $330 million they reported to be holding at the end of Q4 2024.

"A collective increase of $302m in one quarter. The average increase in holding size was 44%," Fahrer said.

Of the fourteen states, California is the largest investor. The state has $276 million in MSTR shares across two major funds: the 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 has 357,183 shares. It increased its stake by 35%, adding 92,470 shares in Q1 2025.

Florida follows with a disclosed $88 million in the State Board of Administration Retirement System. This represents 221,860 shares and a 38% quarterly growth.

Both North Carolina and New Jersey have $43 million in MSTR. The former's Treasurer manages 107,925 shares, and the quarterly growth was 41%.

In New Jersey, the Police and Firemen’s Retirement System has 33,628 shares (40% growth). The Common Pension Fund D has 76,615 shares (14% growth).

Arizona, where the governor recently vetoed a Bitcoin reserve bill, has continued to stockpile MSTR. Its holdings grew by 25%. As of the latest data, it has 66,523 MSTR shares, valued at $26 million.

Meanwhile, Wisconsin's Investment Board has 127,528 shares, valued at $51 million, presenting a 26% increase from the last quarter. This substantial growth speaks volumes about the board’s escalating confidence in MSTR.

However, the board's decision to fully divest from BlackRock’s iShares Bitcoin Trust (IBIT (BTCW,) may indicate a more cautious approach toward certain crypto investments.

According to the latest 13F filing, in Q1 2025, the board offloaded its entire $300 million stake in IBIT.

"Surprising that State of Wisconsin Investment Board sold their Bitcoin ETF shares for a couple of reasons. One being that they still have a $50m position in MSTR," Fahrer added.

Despite having a more modest 25,287 shares valued at $10 million, Utah boasts the highest quarterly growth rate of 184%, highlighting rapid recent accumulation.

Next in line is Colorado, with a strong quarterly growth of 67%. The state's Public Employees Retirement Association manages 30,567 shares, amounting to $12 million.

Meanwhile, MSTR itself has seen impressive gains in 2025. According to Yahoo Finance data, its value has appreciated by 37% YTD.

In fact, with Bitcoin's recent rally, MSTR prices climbed to $430 on May 9, marking its highest price since December 16, 2024. Nonetheless, the stock fell 19.7% over the past day, closing at $397.