As an analyst, I’ve been tracking the Louisiana State Employees’ Retirement System, and they’ve recently increased their investment in Strategy. This move effectively gives the pension fund greater, though indirect, access to Bitcoin, as Strategy is a company listed on the Nasdaq exchange.
Summary
- Louisiana’s pension fund raised its Strategy holding to 21,300 shares, increasing indirect exposure to Bitcoin.
- The $16.3 billion retirement system added 700 MSTR shares from its first-quarter holding of 20,600.
- Strategy currently holds 843,775 Bitcoin, keeping MSTR closely tied to movements in Bitcoin’s market price.
According to filings from June 30th, the retirement system held 21,300 shares of Strategy, an increase of 3.4% over the 20,600 shares they owned at the end of March. These shares were worth approximately $1.85 million as of the end of June, but BitcoinTreasuries.NET estimated their value to be around $2.13 million on July 22nd.
Louisiana pension fund adds to Strategy position
Louisiana’s state employee retirement system increased its investment in MicroStrategy (MSTR) stock by adding 700 shares during the April-June period. As of March 31st, the fund already owned 20,600 shares.
According to BitcoinTreasuries.NET, government workers are now gaining access to Bitcoin. However, the fund itself doesn’t actually own any Bitcoin directly. Instead, it holds stock in Strategy, a company that has the biggest Bitcoin holdings of any corporation.
The Louisiana State Employees’ Retirement Fund, which manages $16.3 billion in assets, has recently increased its investment in MicroStrategy (MSTR) – a company that holds Bitcoin – by purchasing an additional 21,300 shares worth $2.13 million. This means public sector employees now have some exposure to Bitcoin through their retirement fund.
— BitcoinTreasuries.NET (@BTCtreasuries) July 22, 2026
The retirement system’s size has been reported in various ways. In August 2025, LASERS stated its investments totaled $16.3 billion. However, their historical records show a total asset value of $17.2 billion as of June 30, 2025. Because of this larger overall portfolio, the MSTR position represents only a minor portion of the system’s holdings.
LASERS manages 24 retirement plans for over 150,000 people and their families. While their investments include stocks and other assets, this particular investment is a publicly traded stock, not a direct investment of pension funds into Bitcoin.
MSTR offers indirect exposure to Strategy’s Bitcoin treasury
Strategy is a company that holds Bitcoin and finances its operations using investments like stocks, bonds, and other financial tools. They state these investments allow people to gain different levels of access to the value of Bitcoin, all while Strategy continues to run its existing software business.
I’m watching MicroStrategy closely, and as of recently, they’re still holding a massive amount of Bitcoin – around 843,775 BTC! Interestingly, their holdings haven’t changed in the last little while. What *has* been changing is their cash reserves; they brought in another $263.5 million by selling more MSTR stock, bringing their total U.S. dollar holdings up to $3.225 billion. They’re definitely doubling down on their Bitcoin strategy.
MicroStrategy’s stock price doesn’t follow Bitcoin’s price exactly like a typical Bitcoin ETF. Factors like new shares issued, financing, company choices, and how investors see the value of MicroStrategy’s Bitcoin all influence its price. Because of this, the Louisiana fund’s investment gives it exposure to Bitcoin indirectly, through MicroStrategy stock, rather than owning Bitcoin directly.
Strategy’s pension fund is growing at the same time the company is adjusting its Bitcoin strategy. In early July, they lowered their Bitcoin holdings to 843,775 BTC by selling some of their assets as part of a new financial plan. They haven’t changed that amount since then. This sale represents a shift away from Strategy’s previous practice of simply buying and holding Bitcoin.
Pension funds explore more routes to Bitcoin exposure
Louisiana’s move reflects a growing trend among pension funds and state investments exploring opportunities in the cryptocurrency market. Instead of buying cryptocurrencies directly, many are choosing to invest in companies that hold Bitcoin or through established, regulated investment options.
Japan’s National Business Corporate Pension Fund intends to invest around 1% of its holdings in cryptocurrencies by the 2026 fiscal year. This investment is part of a broader plan to diversify the fund’s currency holdings.
Several U.S. states are exploring the possibility of investing public money in cryptocurrencies. For example, Indiana recently passed a law allowing some state retirement and savings plans to provide at least one cryptocurrency investment option to participants who choose to manage their own investments.
Florida legislators are considering a plan that would let certain state funds, like those holding pension money, invest as much as 10% in Bitcoin and other authorized digital assets. This approach to investing differs from the one recently adopted by Louisiana.
The Louisiana fund slightly increased its investment in MSTR, adding 700 shares to bring its total holdings to 21,300. While this is a small change considering the overall size of the retirement portfolio—which totals billions of dollars—the filing shows the pension manager chose to keep and even grow its stake in MSTR during the second quarter instead of selling it.
This change happened while Strategy was still the biggest public company to own Bitcoin. Because they held 843,775 BTC, the price of Bitcoin significantly impacts investors in MSTR stock. However, it’s important to remember that MSTR stock has its own unique risks and isn’t simply a direct reflection of Bitcoin’s value.
2026-07-23 08:28