On February 5, 2025, MicroStrategy rebranded itself as Strategy, embracing a Bitcoin-themed marketing approach.

Since the beginning of 2025, Strategy's stock has surged by 16.5%, and it has skyrocketed 383% compared to the same period in 2024, significantly outperforming the broader crypto market's 62% gain over the past year.

The California Public Employees’ Retirement System is a notable investor, holding 264,713 shares of Strategy valued at approximately $76 million, in addition to significant investments in Coinbase.

California's teacher retirement fund stands out as the largest holder of Strategy stock, with 285,785 shares worth around $83 million, according to a Form 13F filing dated February 14, 2025.

According to Bitcoin analyst Julian Fahrer, California, Florida, Wisconsin, and North Carolina are the states with the highest investments in Strategy stock.

Strategy is recognized as the largest corporate holder of Bitcoin, owning 478,740 coins valued at roughly $46 billion, which offers investors indirect exposure to Bitcoin.

In a recent acquisition, from February 3 to February 9, 2025, Strategy purchased 7,633 BTC at an average price of $97,255 per coin.

As of the end of 2024, twelve US states collectively held $330 million in Strategy stock, previously known as MicroStrategy.

Florida's State Board of Administration holds 160,470 shares of Strategy valued at $46 million, while Wisconsin's State Investment Board possesses 100,957 shares worth around $29 million.

North Carolina's Treasurer has invested $22 million in Strategy stock, and New Jersey's Police and Firemen’s Retirement System and Common Pension Fund together hold $26 million.

Other states with holdings in Strategy stock include Arizona, Colorado, Illinois, Louisiana, Maryland, Texas, and Utah.