During the first quarter of 2025, a total of fourteen US states reported a combined investment of $632 million in stocks of Strategy (previously known as MicroStrategy). These holdings were part of public retirement and treasury funds, indicating a growing trend among states to indirectly access exposure to Bitcoin through Strategy, renowned for its substantial Bitcoin reserves.

The disclosure of the US states' increased investments in MSTR was highlighted by Julian Fahrer, the founder of Bitcoin Laws, on X social media platform. Compared to the reported holdings of $330 million in the fourth quarter of 2024, the states collectively raised their exposure to MSTR by approximately 91.5%, amounting to a $302 million increase in just one quarter.

California emerged as the leading investor with $276 million in MSTR shares spread across two major funds: the State Teachers' Retirement System (CalSTRS) and the Public Employees Retirement System. Meanwhile, Florida, North Carolina, and New Jersey also recorded significant holdings in MSTR, indicating growth and confidence in the company's performance.

Despite the positive investment trend in MSTR, the Investment Board of Wisconsin chose to divest entirely from BlackRock's iShares Bitcoin Trust (IBIT) in the first quarter of 2025, maintaining a cautious stance towards certain cryptocurrency investments. This decision contrasts with its substantial stake in MSTR, showing a different outlook on various crypto assets.

Utah stands out with a notable quarterly growth rate of 184% in its MSTR holdings, demonstrating rapid accumulation despite its comparatively smaller investment size. In contrast, Colorado witnessed a robust growth rate of 67% in its MSTR holdings through the Public Employees Retirement Association.

In the same period, MSTR's stock prices showed significant gains, appreciating by 37% year-to-date amid Bitcoin's rally. On May 9, MSTR hit a peak price of $430 since December 16, 2024, before experiencing a 19.7% decline over the past day to close at $397.