Arizona State Retirement Fund Holds $10M in Strategy Shares

Arizona State Retirement System (ASRS) now holds shares in a major Bitcoin treasury company. On January 30, BitcoinTreasuries.NET reported that the fund owns 72,607 shares of Strategy (formerly MicroStrategy), worth about $10 million. ASRS manages retirement savings for public workers in Arizona. Its total assets stand near $60 billion. 

By holding Strategy stock, the fund gains indirect exposure to Bitcoin. Strategy is known for holding large amounts of BTC on its balance sheet. This approach lets pension funds access Bitcoin-linked value without holding crypto directly.

Details of ASRS’s Investment

ASRS manages pensions for teachers, police and other public employees. Its investment portfolio was valued near $18 billion in recent filings. The fund first increased its Strategy stake in 2025. At that time, the shares were worth over $20 million. Since then, the value has fallen due to price drops in Bitcoin and Strategy stock.

The current filing shows about 72,607 shares valued at $10 million. This doesn’t mean the fund sold its position. Instead, the lower value reflects the market price. Strategy shares fell from above $300 in 2025 to near $140 in early 2026. Even so, ASRS still keeps the holding. This suggests it views the position as long term.

Why Strategy Acts as a Bitcoin Proxy

Strategy holds one of the largest Bitcoin treasuries in the world. As of late January 2026, the company owned over 700K BTC. That equals a large share of the total Bitcoin supply. Strategy keeps buying Bitcoin using debt and stock sales.

Because of this, its share price often moves with Bitcoin. When BTC rises, Strategy stock usually rises faster. When BTC falls, Strategy also drops. For institutions, this stock acts like a Bitcoin proxy. It trades on U.S. exchanges and fits into normal portfolios. Funds can buy it without handling wallets or custody rules. This makes it easier for pensions to gain crypto exposure within old systems.

Growing Trend Among U.S. Pension Funds

ASRS is not alone. Other U.S. public pension funds also hold Strategy shares. In 2025, reports showed that funds in more than 10 states owned MSTR stock. Combined, they held hundreds of millions of dollars in exposure.

This trend shows a slow shift. Instead of buying Bitcoin directly, pension funds choose stocks linked to it. They feel safer using public companies. Regulators also view this as lower risk than direct crypto holdings. But the risks remain. Strategy stock is very volatile. Its value depends on Bitcoin and on the company’s debt levels. The ASRS stake already dropped from over $20 million to $10 million. Lawmakers in Arizona now review digital asset risks more closely. Some worry about losses during market crashes.

What This Means Going Forward

ASRS’s holding signals that Bitcoin-linked assets are entering traditional finance. It also shows caution. The fund did not buy Bitcoin itself. It chose a stock instead. If Bitcoin rises again, the value of these shares could grow fast. That may push more pension funds to copy this move. But if prices fall further, pressure from regulators and retirees may increase. Currently, the message is clear. Specifically, U.S. pension funds are testing Bitcoin exposure through familiar tools. Indeed, strategy stock has become their main bridge into the crypto world.

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