The State of Michigan Retirement System has significantly increased its investment in Strategy Inc. (NASDAQ: MSTR), signaling continued institutional interest in the Bitcoin-focused company.
According to the pension fund’s latest Form 13F filing with the US Securities and Exchange Commission, covering the quarter ended June 30, 2026, the retirement system increased its Strategy holdings by 141% to 14,000 shares.
The position was valued at approximately $1.22 million in the filing. Based on market prices around the time of disclosure, the stake was worth closer to $1.34 million.
Although the investment remains relatively small compared with the pension system’s overall portfolio, the substantial percentage increase highlights a deliberate adjustment toward Strategy, which has become one of the world’s largest corporate holders of Bitcoin.
The State of Michigan Retirement System manages more than $100 billion in assets, making its investment decisions closely watched by market participants. The equity portion disclosed in the latest 13F filing was worth approximately $22.6 billion.
JUST IN: $122 billion U.S. Michigan State Retirement Fund just disclosed it has increased its stake in Strategy $MSTR by 141%, bringing its total holdings to 14,000 shares ($1.34 million).
One of the largest U.S. pension funds is increasing its #Bitcoin exposure through treasury… pic.twitter.com/lOjhLlGUF1
— BitcoinTreasuries.NET (@BTCtreasuries) July 31, 2026
Source: sec.gov
Strategy, formerly known as MicroStrategy, has built its corporate strategy around accumulating Bitcoin as a treasury asset. Under Executive Chairman Michael Saylor, the company has repeatedly increased its Bitcoin holdings and positioned itself as a publicly traded vehicle offering investors exposure to Bitcoin.
The Michigan pension fund’s increased stake comes amid growing institutional interest in companies and financial products linked to digital assets. Public pension funds and other institutional investors have gradually gained exposure to the sector through publicly traded companies, exchange-traded products and related investment vehicles.
While the absolute value of Michigan’s Strategy position is modest relative to its overall assets, the 141% increase could indicate growing institutional confidence in Strategy’s Bitcoin-focused approach.
The filing does not necessarily indicate the pension fund’s current holdings, as 13F disclosures are released after the end of each quarter. However, the latest filing provides a snapshot of its investment allocation as of June 30.
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