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.