The Louisiana State Employees Retirement System (LSERS) recently increased its holdings in Strategy, thereby gaining greater indirect Bitcoin exposure through this Nasdaq-listed company. Public information shows that the pension fund does not directly hold Bitcoin, but rather participates in its asset allocation by holding Strategy stock.

The holding size is not large

LASERS's investment asset size varies slightly across different disclosures. In August 2025, the firm stated that its investment assets were approximately $16.3 billion; however, its website history page shows that for the fiscal year ending June 30, 2025, the total market value of its assets was approximately $17.2 billion. The 21,300 shares of MSTR represent only a small portion of its overall portfolio.

Strategy still holds 843,775 BTC.

Strategy has consistently positioned itself as a Bitcoin treasury company, financing its balance sheet through equity, debt, and other instruments. Company disclosures show it currently holds 843,775 BTC. Previous disclosures also mentioned that the company raised an additional $263.5 million through an MSTR stock sale in mid-July, increasing its dollar reserves to $3.225 billion.

Public funds seeking more channels

This increase comes as more public funds are exploring Bitcoin-related allocation paths. A Japanese corporate pension plan will allocate approximately 1% of its assets to crypto assets through a multi-asset fund in fiscal year 2026. Indiana has also passed legislation providing crypto-related investment options for some public retirement and savings programs. Florida lawmakers have proposed allowing some state funds to allocate up to 10% to eligible Bitcoin products and other approved digital assets.