US pension funds that bet on Strategy find themselves nursing some heavy losses as share prices for Michael Saylor’s firm continue to slide.
The 11 funds collectively hold nearly 1.8 million shares of Strategy, now worth about $240 million, down from $577 million when they first reported their allocations. That’s $337 million in paper losses so far, according to research platform Fintel.
Moreover, 10 out of the 11 funds are down 60% on their Strategy stock buys. Strategy’s shares have lost 67% of their value in the past six months.
Pensioners’ losses expose the double-edged sword of the Bitcoin treasury trade that has captivated investors far and wide over the past two years. Strategy, with Michael Saylor at the helm, pioneered the scheme of issuing debt and equity to buy Bitcoin, creating leveraged exposure that amplifies gains in bull markets.
In 2024 and 2025, hundreds of companies rushed in to copy the Strategy’s playbook while institutional investors like pension funds began to pile in.
But when prices fall, pain is amplified, and treasuries like Strategy have been in a dismal state for months.
With Bitcoin languishing, Strategy trading at a steep discount, and treasuries getting walloped, those bets are souring.
Pension fund managers are now facing a hairy question: was the strategy flawed or just poorly timed?
By 2024 pension funds had begun eyeing up cryptocurrencies as a potential investment. Even then it was still early days, however, with only 23% of pension plans viewing crypto in a positive light, according to Fidelity Digital Assets.
These are the 11 US state pension funds that are down on their Strategy buys.
New York State Common Retirement Fund
The New York State Common Retirement Fund provides retirement benefits to state and local government employees, including teachers, police officers, and firefighters.
It is one of the largest and most influential public pension funds in the US, with about $280 billion in assets.
The fund’s stake in Strategy has lost about $53 million, or close to 60% of its position, since it was last reported.
It covers around 1.1 million active members, retirees, and beneficiaries.
State Board of Administration of Florida Retirement System
The State Board of Administration of Florida manages investments for the Florida Retirement System, which serves more than one million current and former public employees.
Florida’s pension scheme is sitting on an estimated $46 million paper loss on its Strategy position, which represents a loss of around 58% of its holdings.
The system holds around $250 billion in assets.
State of Wisconsin Investment Board (SWIB)
The State of Wisconsin Investment Board manages retirement assets for the Wisconsin Retirement System.
SWIB employs a diversified investment strategy across equities, fixed income, and alternative assets. It holds around $170 billion in assets.
The fund’s Strategy exposure is down around $26 million, which translates to a near-60% drop in value.
The system supports around 650,000 active and retired beneficiaries.
Treasurer of the State of North Carolina
The Treasurer of the State of North Carolina oversees investments for the state’s public retirement systems, serving teachers, state employees, and law enforcement.
North Carolina’s Strategy position is down roughly $30 million or 58% from when it reported its allocation.
The state’s pension system has a size of around $120 billion.
It serves approximately 1 million current and retired members.
Police and Firemen’s Retirement System of New Jersey
The Police and Firemen’s Retirement System of New Jersey provides retirement benefits to the state’s public safety workers.
The fund’s Strategy holdings have lost around $8 million or about 59% of its value since it reported it had opened a position.
New Jersey’s police and firemen pension system holds about $40 billion in assets.
It covers roughly 90,000 active and retired police officers and firefighters.
Utah Retirement Systems
Utah Retirement Systems manages pension assets for public employees and educators across the state.
The fund is down around 59% or $5.5 million in its Strategy holdings.
Utah’s pension scheme has an endowment of around $75 billion.
Kentucky Retirement Systems
Kentucky Retirement Systems oversees pension plans for state employees and public workers.
The fund’s Strategy position is down around $3 million or about 58%.
The system manages about $50 billion in assets, and supports around 450,000 active members, retirees, and beneficiaries.
Maryland State Retirement and Pension System
The Maryland State Retirement and Pension System provides retirement benefits for state employees, teachers, and public safety workers.
Its Strategy exposure has lost around $2.4 million or about 57% since disclosure.
With around 400,000 beneficiaries, the fund manages roughly $65 billion in assets.
State of Michigan Retirement System
The State of Michigan Retirement System manages pension assets for state employees and retirees.
Its smaller Strategy position is down by about $100,000, or about 8%, making it one of the least affected funds.
The system oversees approximately $90 billion in assets, and covers around 700,000 current and former state employees and beneficiaries.
