Louisiana Retirement Fund reveals $3.2M MicroStrategy stock investment

TLDR

• Louisiana pension fund holds 17,900 MSTR shares worth $3.2 million.
• MSTR acts as a proxy for Bitcoin, holding over 190,000 BTC.
• New York fund raised its MSTR stake to $50M in December 2025.
• MSTR stock is down 61% in six months but gained 4% last week.

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The Louisiana State Employees’ Retirement System has revealed a $3.2 million investment in MicroStrategy (MSTR), a company known for its large Bitcoin holdings. This move shows the fund’s increasing exposure to Bitcoin through equities rather than directly holding the asset.

Public Retirement Fund Confirms $3.2M Position in MicroStrategy

The Louisiana State Employees’ Retirement System (LASERS) has revealed a $3.2 million investment in MicroStrategy Inc. (MSTR), according to recent portfolio disclosures. The investment amounts to 17,900 shares in the Bitcoin-focused software firm.

LASERS manages about $15.6 billion in retirement assets for state employees. Its investment in MSTR reflects a broader strategy to gain exposure to Bitcoin indirectly through public equities. At the time of disclosure, MSTR stock was valued at approximately $179 per share.

This move places Louisiana alongside other public funds like New York’s, which increased its own MSTR holdings to $50 million in December 2025. The LASERS portfolio also includes large positions in technology companies such as Nvidia, Apple, Microsoft, Amazon, and Alphabet.

MicroStrategy’s Bitcoin Holdings Drive Institutional Interest

MicroStrategy, led by chairman Michael Saylor, is widely known for shifting its focus from enterprise software to Bitcoin accumulation. As of the most recent filing, the company owns over 190,000 Bitcoins, having purchased 13,627 BTC for $1.25 billion at an average price of $91,519 each.

The company’s stock performance often mirrors Bitcoin’s price movements. Bitcoin recently climbed above $97,000 before falling back below $93,000. Despite recent volatility, the market net asset value (mNAV) for MicroStrategy sits at 1.07. This indicates the stock trades above the actual value of the Bitcoin on its balance sheet.

Many funds view MSTR as a convenient vehicle for Bitcoin exposure. Louisiana’s $3.2 million bet suggests expectations that Bitcoin prices could rise again and potentially push MSTR back toward its 12-month high of $450.

Strategy Faces Market Risk and Scrutiny

MicroStrategy’s stock has dropped by 61% over the last six months, although it rose 4% last week and closed Friday up 1.6% at $173. The company remains the largest corporate holder of Bitcoin and is often referred to as a market whale. Some in the crypto industry believe its large position gives it power to move prices.

Critics have questioned the business model. Herb Greenberg, a financial analyst, referred to the firm as a “quasi Ponzi scheme,” citing the lack of strong operating income and reliance on debt and equity offerings.

Michael Saylor defended the model by comparing it to real estate finance. “Just like developers in Manhattan issue more debt when real estate rises, we use similar methods,” he told CNBC.

Public Funds Shift to Crypto-Linked Equities

Public funds increasingly see crypto-linked equities like MSTR as an alternative to holding digital assets directly. MicroStrategy’s launch of preferred share offerings under names like “Strike” and “Stretch” promised fixed dividends tied to Bitcoin performance.

These offerings reflect the firm’s strategy to provide returns when Bitcoin prices are high. Saylor has stated that while MSTR is not a high-yield bank account, it comes close during bull markets.

The move by Louisiana adds another state to the growing list of institutional players engaging with the cryptocurrency sector through regulated equity investments.

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