14 U.S. States Boost MSTR Holdings by $302M in Q1-2025

MSTR holdings are becoming a favourite among U.S. state funds. In Q1-2025, 14 states added a massive $302 million Strategy stock to their portfolios, bringing their total investment to $632 million. 

MSTR holdings give these states indirect exposure to Bitcoin, without actually buying the crypto. Instead, they’re investing in a company known for being one of the largest Bitcoin holders in the world.

Why States Are Going the Strategy Route

Buying Bitcoin directly comes with legal and technical headaches for public funds. However, with MSTR holdings, states can enjoy the benefits of BTC’s performance without handling the asset themselves. Strategy stock acts like a proxy for Bitcoin, giving investors access to crypto price moves via the stock market.

California is way ahead, with $276 million invested through its State Teachers’ and Public Employees’ Retirement Systems. Florida isn’t far behind at $88 million, followed by Wisconsin at $51 million.

Other states in the mix include North Carolina, New Jersey, Maryland, Ohio, Texas, Kentucky, Arizona, Utah, Colorado, Louisiana, and Illinois. Utah saw one of the most significant jumps—its holdings grew by 184%, and Colorado’s MSTR stake rose by 67%.

Strategy Over ETFs?

Some funds are even switching out of Bitcoin ETFs. Wisconsin’s investment board sold its $300 million stake in BlackRock’s Bitcoin Trust and moved into MSTR holdings instead, revealing how strongly they support Strategy’s approach.

Conclusion

MSTR holdings are catching the attention of institutional investors. These 14 states are embracing Bitcoin by investing $632 million, but they’re doing it through a recognised and regulated process. It’s a unique step to combine traditional finance with cryptocurrencies.

Disclaimer

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