- Florida Retirement System raised Strategy shares by 38% and reached a total of $80M.
- Strategy holds more than 629,000 Bitcoin as the largest corporate Bitcoin holder.
- Fourteen state pension funds control over $632M altogether in Strategy stock exposure.
The State Board of Administration of the Florida Retirement System (FRS), which manages about $20.5 billion in assets, has expanded its holdings in Strategy (MSTR) to roughly $80 million. The increase came through an additional 61,390 shares purchased during the last quarter, representing a 38 percent rise.
This latest allocation adds to growing interest from public pension funds in gaining Bitcoin exposure indirectly. Instead of holding the asset, they are turning to equities such as Strategy, which uses its treasury to accumulate Bitcoin.
As of press time, Strategy holds over 629,000 BTC, making it the largest corporate holder of the cryptocurrency, allowing institutional investors to gain regulated exposure to Bitcoin through the company’s stock, without dealing with custody or compliance hurdles.
Growing Role of Pension Funds in Crypto
In the first quarter of 2025, fourteen state pension and retirement funds of 14 US states reported a combined holdings of $632 million in Strategy stock. California accounted for the largest portion, while Florida contributed significantly with 221,860 shares worth about $88 million.
Wisconsin and California together hold $276 million in shares, further underlining the role of equities as a gateway to Bitcoin exposure. These actions mark a shift among managers who have historically avoided digital assets due to their volatility and regulatory uncertainty.
Although pensions are often considered risk-averse, the move suggests they are exploring new ways to diversify portfolios. By using a publicly traded stock, they can benefit from Bitcoin’s potential growth while staying within a regulated investment framework.
Implications for Retirement Investing
While $80 million represents only 0.4 percent of Florida’s overall fund, the allocation carries symbolic weight. It signals that Bitcoin exposure, even indirect, is becoming acceptable within retirement portfolios designed to serve long-term beneficiaries.
Reports differ on the exact value of Florida’s stake, with some estimates placing it closer to $80 million. The variation highlights the difficulty in tracking institutional crypto exposure through equities, since disclosures are limited to quarterly filings.
This structure also creates a feedback effect. When state funds invest in Strategy, they indirectly contribute to the company’s ability to buy more Bitcoin, pushing the share price higher, and amplifying returns for pension funds and reinforcing Bitcoin demand. At current averages, Florida’s allocation represents indirect exposure to nearly 1,200 BTC, and the method provides exposure without requiring direct management of digital assets.
Related: Metaplanet Boosts Bitcoin Strategy Through $1.2B Share Sale
Balancing Benefits and Risks
The approach offers important advantages, including regulatory clarity and reduced logistical challenges compared to holding Bitcoin directly. It allows pension funds to tap into cryptocurrency markets through familiar equity channels.
Still, risks remain as Strategy’s stock is highly correlated with Bitcoin’s volatility and carries additional company-specific risks tied to management and operations. This means pension portfolios could face sharp swings in value. As public pension funds explore these strategies, a pivotal question emerges: Will indirect exposure through equities eventually lead to direct Bitcoin allocations within retirement systems?
