The Louisiana State Employees' Retirement System has disclosed a $3.2 million stake in Strategy as part of its latest portfolio filing. This move indicates growing institutional exposure to Michael Saylor's Bitcoin-focused firm.
The $16 billion pension fund, which manages retirement assets for over 100,000 Louisiana public workers, held 17,900 shares as of December 31, 2025.
This position represents 0.02% of the fund's overall portfolio. The fund's primary holdings are concentrated in major U.S. tech giants including Nvidia, Apple, Microsoft, Amazon, and Alphabet.
Key Developments
Strategy recently acquired 13,627 Bitcoin for $1.25 billion between January 5 and 11. The average price paid per coin was $91,519, marking Strategy's largest Bitcoin purchase since July 2025.
This disclosure follows a recent increase in Strategy's position by the New York State Common Retirement Fund to $50 million in mid-December. During that period, Strategy's stock experienced single-day declines as steep as 7%.
Strategy shares closed Friday at $173.71. Year-to-date, the stock is up 10.5%, but it is down 55% over the past 12 months from a peak that exceeded $450.
Strategy's market net asset value currently stands at 1.07. This figure suggests that investors are paying slightly more than the spot value of the Bitcoin held on the company's balance sheet.
Institutional Adoption and Criticism
Public pension funds are increasingly utilizing Strategy shares as a method to gain proxy exposure to Bitcoin. This approach allows them to invest in Bitcoin indirectly without the complexities of directly holding the cryptocurrency. This trend persists despite ongoing criticism of the firm's aggressive leverage strategy.
Jan van Eck, founder of the investment firm bearing his name, had previously told the New York Times that Strategy represented "just publicity." However, VanEck later clarified that these remarks were in reference to VanEck's own treasury strategy, not Strategy's business model.
Longtime financial analyst Herb Greenberg has characterized Strategy as a "quasi Ponzi scheme." He argued that the company relies on new capital infusions to meet obligations to existing investors, given its minimal operating income generation.
Michael Saylor, in defense of the company's approach, drew a comparison to Manhattan real estate developers who issue debt as property values escalate. He described Strategy's model not as a scheme, but as "an economy."