Louisiana State Employees' Retirement System disclosed a $3.2 million stake in Strategy as part of its latest portfolio filing, joining growing institutional exposure to Michael Saylor's Bitcoin-focused firm.
The $16 billion pension fund managing retirement assets for more than 100,000 Louisiana public workers held 17,900 shares as of December 31, 2025.
The position represents 0.02% of the fund's portfolio, which concentrates holdings in U.S. tech giants Nvidia, Apple, Microsoft, Amazon and Alphabet.
What Happened
Strategy acquired 13,627 Bitcoin for $1.25 billion between January 5 and 11 at an average price of $91,519 per coin, marking its largest purchase since July 2025.
The disclosure follows New York State Common Retirement Fund increasing its Strategy position to $50 million in mid-December, when the stock experienced single-day declines as steep as 7%.
MSTR shares closed Friday at $173.71, up 10.5% year-to-date but down 55% over 12 months from a peak above $450.
Strategy's market net asset value currently stands at 1.07, meaning investors pay slightly more than the spot value of Bitcoin held on the company's balance sheet.
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Why It Matters
Public pension funds increasingly use Strategy shares as proxy exposure to Bitcoin without directly holding cryptocurrency, despite mounting criticism of the firm's aggressive leverage strategy.
Jan van Eck, founder of the namesake investment firm, told the New York Times the company represented "just publicity," though VanEck later clarified the remarks addressed VanEck's own treasury strategy rather than Strategy's model.
Longtime financial analyst Herb Greenberg called Strategy a "quasi Ponzi scheme" that relies on new capital to pay existing investors since it generates minimal operating income.
Saylor defended the company's approach by comparing it to Manhattan real estate developers who issue debt as property values rise, calling the model "an economy" rather than a scheme.
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