Following last week's announcements that the Alberta Investment Management Corporation, Louisiana and Ohio State Teachers Retirement Fund had disclosed positions in Strategy (MSTR), two more state-level pension funds have now confirmed they remain committed to their stakes.
The Arizona State Retirement System and the Teacher Retirement System of Texas have both reported continued holdings in Strategy. Neither position is new — both funds have held MSTR for some time and have largely maintained their stakes. Arizona previously held 72,607 shares and now holds 71,524, a ~1.49% decrease. Texas previously held 80,844 shares and now holds 80,281, a ~0.70% decrease. These are negligible reductions that are not cause for concern — likely the result of routine portfolio rebalancing rather than any shift in conviction.
It's worth noting the broader context: both Arizona and Texas have passed state-level Bitcoin reserve legislation. Texas went further, becoming the first state to actually allocate capital to a Strategic Bitcoin Reserve. However, pension funds operate under separate mandates and face regulatory constraints that make direct spot Bitcoin ownership difficult or impossible. Strategy offers them a fully regulated, compliant path to indirect Bitcoin exposure — and a leveraged one at that.
Public pension funds often face regulatory and policy restrictions that prohibit or severely limit direct ownership of Bitcoin, making Strategy a fully compliant, indirect way to gain exposure to Bitcoin's performance.
The trend here is impossible to ignore. Sovereigns, state funds, and public institutions want Bitcoin exposure — and they are not waiting for permission. The UAE, El Salvador, and the United States have all announced spot Bitcoin holdings, with the UAE and El Salvador actively accumulating. At the Bitcoin 2026 conference, White House crypto advisor Patrick Witt teased a major upcoming announcement on the U.S. Strategic Bitcoin Reserve, stating it would come "within weeks" and that the administration had reached "a bit of a breakthrough."
With Arizona and Texas now going ahead and staking their claim in the orange revolution — one proxy share at a time
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