The Louisiana State Employees' Retirement System has increased its exposure to Bitcoin by raising its stake in Strategy, the world’s largest corporate Bitcoin holder. The move, disclosed this week, adds to a growing list of institutional investors betting on the software company's aggressive Bitcoin treasury strategy.
What the filing shows
A regulatory filing reveals the pension fund boosted its holdings of Strategy shares. The exact size of the increased position wasn't immediately disclosed, but the move signals continued confidence in Strategy's approach of converting corporate cash into Bitcoin. The Louisiana fund first bought into Strategy earlier this year.
Public pension funds have been cautious about direct crypto exposure. By buying shares of Strategy, they get indirect Bitcoin exposure through a publicly traded company. Strategy now holds more than 500,000 Bitcoin, making it the largest corporate holder by a wide margin. The Louisiana fund's decision to increase its stake suggests it sees Bitcoin as a long-term store of value, even amid regulatory uncertainty.
Other state pension funds are watching. A few, like the State of Wisconsin Investment Board, have also taken small positions in Bitcoin ETFs. But direct corporate equity remains a popular backdoor. Strategy's next quarterly filing will show whether the Louisiana fund added more shares in the most recent period. The fund hasn't commented publicly on the move.
