14 US States Bet Big on Saylor’s Bitcoin Play—Now Sitting on $632M

Michael Saylor’s laser-eyed Bitcoin strategy just got a $632 million endorsement—from state governments. Fourteen US states have quietly amassed a nine-figure crypto stash, mimicking the MicroStrategy playbook. Who says bureaucrats can’t YOLO?

Forget ‘slow and steady’—these states went full crypto degen. While pension funds still cling to their 60/40 portfolios, these treasury offices are stacking sats like it’s 2021. The ultimate HODL? Or a taxpayer-funded gamble waiting to backfire?

Wall Street’s still wringing its hands over volatility, but these governments just became the ultimate diamond hands. Maybe they’ve been reading too many ‘number go up’ memes—or maybe they know something the SEC doesn’t.

The statistics, which are summarily compiled by Julian Fahrer, the creator of bitcoin Laws, indicate a strong quarterly jump of $302 million in pension fund investments held by states. This reflects the increased contribution of Bitcoin-tied equities such as Strategy to government-held portfolios.

MicroStrategy, renamed to “Strategy,” is generally regarded as an entry into Bitcoin without directly purchasing the cryptocurrency. The firm has drawn attention for its consistent buying and holding of Bitcoin as part of long-term strategy. Consequently, numerous public funds are employing MSTR as an alternative, more regulated entry into Bitcoin.

During the first quarter of 2025, these 14 state funds collectively boosted their average holdings in MSTR by 44%. California led the pack with a combined holdings value of more than $276 million via its Teachers’ and Public Employees’ Retirement Systems. This was followed by Florida with $88 million and Wisconsin with $51 million.

Other prominent states with investments in Strategy are North Carolina, with around 107,925 shares worth approximately $43 million; Ohio with 80,381 shares worth approximately $32 million; and Texas having 72,595 shares worth approximately $29 million in exposure.

Several states have substantially expanded their stakes. Utah experienced the largest quarterly expansion with an increase of 184% in shares. Colorado expanded its holdings by 67%, while Florida, Texas, and Louisiana also recorded impressive gains.

Aside from investments in stocks, a number of U.S. states are proposing legislation to enable direct investment in Bitcoin. A total of 47 bills related to crypto have been filed in 26 states so far, of which 37 remain active. New Hampshire has just enacted a law permitting up to 5% of its treasury to be invested in Bitcoin. Other states, such as Florida and Arizona, have had mixed success in the same regards.

This is evidence that Bitcoin is becoming increasingly accepted within government-level investment policies, particularly through organizations such as Strategy.

Also Read: Michael Saylor’s Strategy Pauses Bitcoin Buy This Week: SEC Filing