US pension fund acquires Strategy shares and exposes itself to 687 thousand accumulated Bitcoins
Sistema of Aposentadoria of Funcionários Públicos of Louisiana (LASERS) disclosed a minority stake in The fund, which manages US$16 billion in assets for more than 100,000 public servants, held 17,900 shares of the company at the end of December 2025. Essa position represents just 0.02% of its portfolio and is worth approximately US$3.2 million at the current share price.
The revelation occurs at a time of intensification of the accumulation strategy of Bitcoin by Strategy. The company made its largest purchase since July 2025, acquiring 13,627 BTC for US$1.25 billion between January 5th and 11th, 2026. This brought its total stock to 687,410 Bitcoins.
Investors monitor signs of new acquisitions. Michael Saylor published an image with the expression “Bigger Orange” on January 18, accompanied by a graph showing the evolution of the company’s reserves since 2020.
Strategy treasury strategy
Strategy consolidated its position as the largest corporate holder of Bitcoin in the world. The company has adopted cryptocurrency as its main reserve asset since 2020, using share issues and convertible debt to finance purchases.
This approach transformed the company’s profile, previously focused on data analysis software. The name change, from MicroStrategy to Strategy in February 2025, reflected the exclusive focus on treasury development at Bitcoin.
MSCI’s decision not to exclude companies with digital assets from its indices, announced at the beginning of January, prevented the possible departure of Strategy from important market benchmarks. The measure preserved access to institutional investors who follow these indices.
Recent acquisitions and current inventory
Strategy maintains a constant pace of purchases of Bitcoin. The January 2026 operation was financed through the offering of shares and debt instruments, a recurring practice of the company.
- Purchase of 13,627 BTC between January 5th and 11th for US$1.25 billion.
- Total stock reached 687,410 BTC, equivalent to around 3% of the cryptocurrency’s circulating supply.
- Average purchase price recorded at US$66,384 per unit.
- The market value of the reserve exceeds tens of billions of dollars, depending on the price of Bitcoin.
These operations reinforce the leadership’s conviction in the long-term appreciation of the asset. The company plans to release fourth quarter 2025 results on February 5, 2026.
Institutional exposure via shares
American pension funds increasingly seek indirect exposure to Bitcoin through shares of Strategy. The alternative avoids direct custody of the cryptocurrency, reducing operational and regulatory risks.
LASERS joins other public vehicles adopting this route. The position, although small in proportion to the total portfolio, demonstrates growing interest in digital assets among conservative managers.
The strategy attracts attention because it offers participation in the appreciation of Bitcoin without the need for its own storage infrastructure. Investidores institutions see the company as an efficient proxy for the cryptocurrency market.
Context of LASERS participation
The Louisiana fund manages resources from state employees and seeks moderate diversification. The allocation to Strategy shares represents a minimal fraction of its US$16 billion under management.
The position was built gradually and disclosed in a recent regulatory form. The value of US$3.2 million corresponds to 17,900 shares at a price of approximately US$178 per unit in January 2026.
Other American public funds already maintain similar stakes. The trend reflects gradual acceptance of digital assets in long-term portfolios.
Michael Saylor Signals
Michael Saylor remains the main public champion of the treasury strategy in Bitcoin. Sua publication on January 18, with the phrase “Bigger Orange” and accumulation chart, generated speculation about new purchases.
The expression refers to the Bitcoin community, which associates the color orange with cryptocurrency. The post highlighted that Strategy reserves represent a significant portion of the total supply.
Analysts interpret the message as an indication of continuity of acquisitions. The company has already added thousands of Bitcoins in 2026, maintaining a high pace.
Movement of shares and perspectives
Shares of Strategy (NASDAQ: MSTR) are up about 10% year-to-date in 2026 through mid-January. The performance reflects optimism with the Bitcoin accumulation policy.
Despite the recent appreciation, the shares are still down more than 50% compared to the previous year’s peak. Volatility remains high, following fluctuations in the price of Bitcoin.
Investors await the February earnings report for more details on financing and future plans. The disclosure may bring updates on the volume of reservations.
Trend of adoption by public funds
State pension funds in the Estados Unidos gradually increase exposure to digital assets. Most prefer indirect routes, such as shares in companies with reserves of Bitcoin.
- Several public vehicles have declared positions at Strategy in recent quarters.
- Allocations remain small, generally below 0.1% of the total portfolio.
- Regulators monitor movements, but have not imposed specific restrictions so far.
- Strategy gains preference for transparency in purchasing disclosures.
This movement reflects the search for diversification in a low interest rate environment. Gestores value Bitcoin as a long-term inflation hedge.
Current position of Strategy in the market
Strategy holds absolute leadership among listed companies in volume of Bitcoin. Nenhuma another public corporation approaches the level of 687,410 units.
The reserve represents a central asset on the company’s balance sheet. The book value exceeds investments in other traditional operational areas.
The company continues to issue financial instruments to support acquisitions. The model depends on investors’ confidence in the continued appreciation of Bitcoin.
