In a remarkable display of institutional confidence, fourteen US states have collectively invested $632 million in Strategy (formerly MicroStrategy) stock during the first quarter of 2025. This substantial commitment represents a 91.5% increase from the $330 million reported in Q4 2024, signaling growing mainstream acceptance of indirect Bitcoin exposure through corporate proxies.

California leads the charge with a staggering $276 million position spread across two major funds. The California State Teachers’ Retirement System (CalSTRS) increased its holdings by 18%, now controlling 336,936 shares. Meanwhile, the state’s Public Employees Retirement System boosted its stake by 35%, adding 92,470 shares for a total of 357,183.

Florida follows with an $88 million position through its State Board of Administration Retirement System, representing 221,860 shares and 38% quarterly growth. North Carolina and New Jersey both maintain $43 million positions, with growth rates of 41% and approximately 27% respectively.

Bitcoin Laws founder Julian Fahrer highlighted these developments on X, noting, “A collective increase of $302m in one quarter. The average increase in holding size was 44%.”

Perhaps most surprising is Utah’s aggressive accumulation strategy. Despite holding a relatively modest $10 million position (25,287 shares), the state posted a remarkable 184% quarterly growth rate, outpacing all others. Colorado follows with 67% growth, bringing its Public Employees Retirement Association holdings to 30,567 shares valued at $12 million.

Percentage Growth in MSTR Holdings by State (Crypto Market Digest)

Arizona continues accumulating Strategy stock despite its governor recently vetoing a Bitcoin reserve bill. The state increased its position by 25%, now holding 66,523 shares worth approximately $26 million.

Wisconsin presents an interesting case study in institutional crypto strategy. While growing its Strategy position by 26% to 127,528 shares ($51 million), the state’s Investment Board simultaneously divested its entire $300 million stake in BlackRock’s iShares Bitcoin Trust (IBIT) according to recent 13F filings.

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

Strategy stock itself has performed strongly in 2025, appreciating 37% year-to-date according to Yahoo Finance data. The stock reached $430 on May 9, its highest level since mid-December 2024, before retreating 19.7% to close at $397 in the most recent trading session.

This surge in state-level investment suggests institutional investors increasingly view Strategy as a legitimate vehicle for gaining Bitcoin exposure while maintaining traditional investment structures.