The Louisiana State Employees’ Retirement System disclosed a $3.2 million stake in MicroStrategy, signalling cautious institutional exposure to Bitcoin.
A recent filing showed the pension fund holds 17,900 shares of MicroStrategy.
The position represents around 0.2% of the fund’s $1.56 billion portfolio.
The move reflects growing interest among public pension funds in crypto-linked assets.
MicroStrategy has positioned itself as a proxy for Bitcoin through aggressive treasury accumulation.
The company now holds more than 687,000 Bitcoin under its capital strategy.
Supporters say the approach converts equity and debt demand into large-scale Bitcoin purchases.
Advocates argue the strategy tightens circulating Bitcoin supply without triggering forced liquidations.
“The real innovation is that the market treats these instruments almost like sound money,”
Joss said.
“There were no forced liquidations and the framework held firm,”
Joss said.
MicroStrategy recently outlined plans to acquire an additional 13,627 Bitcoin for $1.25 billion.
If completed, total holdings would exceed 700,000 Bitcoin, representing more than 3% of total supply.
Traders have pointed to technical breakouts in MicroStrategy shares as evidence of growing momentum.
Critics, however, warn that preferred share issuance could dilute common shareholders’ Bitcoin exposure.
Each new preferred instrument reduces the residual Bitcoin claim tied to ordinary shares.
Additional share issuance may also be required to cover dividend obligations.
“The more that gets issued, the less Bitcoin holders actually have a claim to,”
Pledditor said.
At the time of reporting, Bitcoin price was $91,690.98.