At least 14 U.S. states are holding MicroStrategy (MSTR) shares through pension funds and public treasury funds.

- California leads with over 690,000 shares (≈ 276 million USD), held by the California State Teachers’ Retirement System (CalSTRS) and the California Public Employees’ Retirement System (CalPERS). CalPERS is also the largest public pension fund in the U.S.

- Florida ranks second with 221,860 shares (≈ 88 million USD).

- Wisconsin owns 127,528 shares (≈ 51 million USD).

Other states also investing include North Carolina, New Jersey, Maryland, Ohio, Texas, Kentucky, Arizona, Utah, Colorado, Louisiana, and Illinois.