14 US States Invest $632 Million in Bitcoin-Linked Shares

Public Pension Funds Boost Strategy Investment to $632M in Q1 2025

The increased holdings reflect a significant shift toward digital asset exposure, with $302 million added in one quarter.

State-Specific Investments

The collective holdings of 14 state pension funds now stand at over 2 million shares in the Strategy company. California led the charge, investing $276 million, closely followed by Florida with $88 million. North Carolina and New Jersey significantly increased their positions.

Institutional Confidence in Bitcoin

This move demonstrates increased institutional confidence in Bitcoin-linked equities, with California’s retirement systems increasing their stakes significantly. Utah reported the highest percentage increase, while Wisconsin maintained a notable holding despite past ETF liquidations.

Broader Institutional Pivot

Investments highlight a broader institutional pivot as pension funds seek long-term asset diversification in an uncertain economic climate. The surge in state fund holdings represents a 91.5% increase compared to Q4 2024, showcasing growing mainstream acceptance. Julian Fahrer, Founder of Bitcoin Laws, noted that, “The reported holdings of $330 million in Q4 2024 growing to $632 million in Q1 2025 represents a near-doubling of exposure in just three months.” source

Future Outlook

Regulatory and market conditions may continue to influence digital asset strategies. However, state funds signal a willingness to adapt and integrate Bitcoin-related investments into their portfolios, suggesting potential financial and technological benefits for the industry. Michael Saylor, CEO of Strategy , stated their commitment to digital assets, emphasizing their belief in its foundational role in future financial systems.