The Louisiana State Employees’ Retirement System has increased its stake in Strategy, giving the public pension fund more indirect exposure to Bitcoin through the Nasdaq-listed company.
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.
A regulatory filing covering holdings as of June 30 shows the retirement system owned 21,300 Strategy shares, up 3.4% from 20,600 shares at the end of the first quarter. The position had a quarter-end reported value of about $1.85 million. BitcoinTreasuries.NET later valued the holding at roughly $2.13 million in a July 22 post.
Louisiana pension fund adds to Strategy position
The latest disclosure shows that the Louisiana State Employees’ Retirement System added 700 MSTR shares during the second quarter. The fund previously held 20,600 shares as of March 31, according to institutional ownership data.
BitcoinTreasuries.NET described the move by saying, “Government employees are getting BTC exposure.” However, the fund does not directly hold Bitcoin through the reported position. It owns shares in Strategy, whose balance sheet contains the largest corporate Bitcoin treasury.
The size of the retirement system has been reported using different measures. LASERS said in August 2025 that its investment assets stood at $16.3 billion. Its official history page says the total market value of assets reached $17.2 billion for the fiscal year ending June 30, 2025. The MSTR position therefore accounts for only a small part of the overall portfolio.
LASERS administers 24 retirement plans covering more than 150,000 members and their families. Its broader portfolio includes traditional equities and other asset classes, meaning the Strategy holding represents one listed equity position rather than a direct allocation of pension assets into Bitcoin.
MSTR offers indirect exposure to Strategy’s Bitcoin treasury
Strategy describes itself as a Bitcoin treasury company and uses equity, debt and other securities to finance its balance sheet. The company says its securities offer investors varying degrees of economic exposure to Bitcoin while it continues operating its enterprise software business.
The company currently holds 843,775 BTC. As crypto.news reported, the Bitcoin balance remained unchanged through July 19 while Strategy raised another $263.5 million through MSTR share sales and increased its U.S. dollar reserve to $3.225 billion.
MSTR does not track Bitcoin in the same way as a spot Bitcoin exchange-traded fund. Its price can also respond to share issuance, financing costs, corporate decisions and changes in how investors value Strategy’s Bitcoin holdings. The Louisiana fund’s position therefore gives it indirect Bitcoin-linked exposure through company stock rather than ownership of BTC itself.
The increased pension fund position also comes during a changing period for Strategy. The company reduced its Bitcoin holdings to 843,775 BTC in early July after selling some of its treasury assets under a new capital framework. Its holdings have remained at that level in subsequent disclosures. As previously reported, the sales marked a change from Strategy’s long-running accumulation-focused approach.
Pension funds explore more routes to Bitcoin exposure
The Louisiana position comes as retirement funds and state-backed investment systems test different ways to gain crypto exposure. Some use shares of Bitcoin treasury companies or regulated investment products rather than holding digital assets directly.
Japan’s National Business Corporate Pension Fund plans to allocate about 1% of its assets to crypto through a managed multi-asset fund during fiscal 2026. The fund described the allocation as part of its currency diversification strategy.
In the U.S., states are also considering crypto-linked options for public funds. Indiana enacted legislation that opens a route for certain public retirement and savings programs to offer at least one crypto-linked investment option through self-directed brokerage services.
Meanwhile, Florida lawmakers proposed allowing selected state-controlled funds, including pension assets, to allocate up to 10% to eligible Bitcoin products and other approved digital assets. Those proposals use a different structure from Louisiana’s Strategy investment.
In addition, the Louisiana fund’s increase from 20,600 to 21,300 shares represents a modest change within a multibillion-dollar retirement portfolio. Still, the filing confirms that the pension manager maintained and expanded its position rather than exiting MSTR during the second quarter.
The move also occurred while Strategy remained the largest publicly traded corporate holder of Bitcoin. With 843,775 BTC on its balance sheet, changes in Bitcoin’s market value remain an important factor for investors holding MSTR, although the stock carries risks and characteristics separate from direct Bitcoin ownership.
