Louisiana Pension Fund reveals $3.2M stake in Strategy amid Bitcoin treasury debate

2026-01-20 01:32:41

Source: Yellow Original Title: Louisiana Pension Fund Reveals $3.2M Stake in Strategy Amid Bitcoin Treasury Debate

Original Link: Louisiana State Employees’ Retirement System disclosed a $3.2 million stake in Strategy as part of its latest portfolio report, adding to the 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 accounts for 0.02% of the fund’s portfolio, which is heavily concentrated in U.S. tech giants Nvidia, Apple, Microsoft, Amazon, and Alphabet.

What happened

Strategy purchased 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 comes after the New York State Common Retirement Fund increased its stake in Strategy to $50 million in mid-December, when the stock experienced daily declines of up to 7%.

MSTR shares closed on Friday at $173.71, up 10.5% year-to-date but down 55% over 12 months from a high above $450.

The net asset value of Strategy is currently $1.07, meaning investors are paying slightly above the company’s Bitcoin spot value on its balance sheet.

Why it matters

Public pension funds are increasingly using Strategy shares as an indirect exposure to Bitcoin without directly holding cryptocurrencies, despite growing criticism of the firm’s aggressive leverage strategy.

Jan van Eck, founder of the eponymous investment firm, told the New York Times that the company was “just advertising,” although VanEck later clarified that the comments referred to VanEck’s treasury strategy itself, not Strategy’s model.

Veteran financial analyst Herb Greenberg described Strategy as a “quasi-Ponzi scheme” that relies on new capital to pay existing investors, as it generates minimal operating income.

Saylor defended the company’s approach, comparing it to Manhattan real estate developers issuing debt as property values rise, calling the model “an economy” rather than a scheme.

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