The Louisiana State Employees’ Retirement System has disclosed a stake of more than $3 million in MicroStrategy, the software company turned Bitcoin treasury firm led by Michael Saylor.
The disclosure indicates that the State’s Employee Fund, which manages retirement assets for public workers in Louisiana, now holds 17,900 shares of MSTR. Based on the reported price at the time of disclosure, the position is valued at approximately $3.2 million.
This stake is part of an investment portfolio overseen by the Louisiana State Employees’ Retirement System, which reported total assets of $1.56 billion in its latest filing. The fund’s other significant holdings are concentrated in major US tech companies including Nvidia, Apple, Microsoft, Amazon, and Alphabet.
US State Public Funds Increase Bitcoin Exposure as MicroStrategy Adds Coin Holdings
Since MicroStrategy pivoted its business model to become a Bitcoin treasury, several public funds have been acquiring its shares as a proxy investment for Bitcoin. Recently, chairman Michael Saylor disclosed that the company acquired an additional 13,627 Bitcoins for a total cost of $1.25 billion, averaging $91,519 per coin.
Bitcoin's price saw fluctuations, trading above $97,000 in the week following the purchase before experiencing a decline. The Asian market opened with Bitcoin trading below $93,000. MicroStrategy’s market Net Asset Value (mNAV), which compares the firm’s fully diluted enterprise value adjusted for debt and cash to the value of its Bitcoin holdings, currently stands at 1.07.
An mNAV of 1.07 suggests investors are paying a premium over the spot value of the crypto held on the balance sheet. Despite this, the Louisiana Employee Fund appears confident in MSTR, potentially anticipating a Bitcoin price reversal back to six figures, which could drive the stock price towards its 12-month high of $450.
The Louisiana fund joins other state entities, such as the state of New York, in investing in MicroStrategy. The New York State Common Retirement Fund increased its MSTR position to $50 million in mid-December, even as the stock experienced single-day declines of up to 7% during that period.
MicroStrategy's Influence on the Bitcoin Market
MicroStrategy’s Nasdaq-listed shares have shown an increase of 12.37% since the start of 2026. However, over the past six months, MSTR’s price has seen a significant drop of 61%. Although the stock rose 4% last week and closed Friday up 1.6% to $173, it remains trading at a substantial discount from its all-time high.
As the largest corporate Bitcoin holder, MicroStrategy is often referred to as the largest corporate market “whale,” possessing the potential to influence prices through its trading actions. Some members of the crypto community express concerns that any Bitcoin sales by MicroStrategy could lead to market instability, potentially impacting firms with business relationships with the company.
Jan van Eck, founder of the investment firm bearing his name and an investor in digital assets, stated that his firm has avoided MicroStrategy's aggressive Bitcoin acquisition strategy, describing it as "just publicity."
Herb Greenberg, a veteran financial analyst, has characterized the Saylor-led business as a "quasi Ponzi scheme," suggesting it pays returns to existing investors by leveraging new capital due to its limited operating income.
When asked by CNBC last year to address these comparisons, Michael Saylor defended the company’s use of leverage and equity issuance.
“Just like developers in Manhattan, every time real estate goes up in value, they issue more debt to develop more real estate. That’s why your buildings are so tall in New York City. It’s been going on for 350 years. I would call it an economy,” Saylor explained.
In early 2025, MicroStrategy launched preferred share offerings marketed under names such as “Strike,” “Strife,” and “Stretch,” which promised cash dividends ranging from 8% to 11% over fixed periods. This structure is comparable to bonds issued by traditional finance, where operating revenue supports regular interest payments.
However, in MicroStrategy’s case, the core business revolves around acquiring and holding Bitcoin. Cash dividends can be paid when Bitcoin prices are trading positively, a trend that MicroStrategy's stock price historically follows.
Saylor maintains that the company’s Bitcoin investments are risk-free, stating in a podcast last fall that MicroStrategy is not yet a "high-yield bank account, but would be pretty close."