The Louisiana State Employees’ Retirement System (LASERS) has disclosed a $3.2 million investment in MicroStrategy Inc. (MSTR), a software company renowned for its massive Bitcoin holdings. The fund acquired 17,900 shares of MSTR, valued at approximately $179 per share at the time of disclosure.
This investment represents a strategic move by the $15.6 billion pension fund to gain indirect exposure to Bitcoin through regulated public equities rather than holding the cryptocurrency directly. The position constitutes about 0.2% of LASERS's portfolio, which also includes major tech stocks like Nvidia, Apple, and Microsoft.
Louisiana joins a growing trend of public funds investing in crypto-linked equities. Notably, a New York pension fund increased its own MSTR stake to $50 million in December 2025. MicroStrategy, led by Executive Chairman Michael Saylor, is the largest corporate holder of Bitcoin, with over 190,000 BTC on its balance sheet following a recent $1.25 billion purchase of 13,627 BTC at an average price of $91,519 each.
The company's stock is often viewed as a proxy for Bitcoin. Despite a 61% decline over the past six months, MSTR gained 4% last week, closing at $173.71 on Friday. Its market net asset value (mNAV) currently sits at 1.07, indicating the stock trades above the underlying value of its Bitcoin holdings.
MicroStrategy's strategy of using debt and equity offerings to fund Bitcoin purchases has sparked debate. Supporters, like commentator "Joss" on X, praise the model's resilience, comparing it to a "battle tank" that withstands volatility. However, critics, including financial analyst Herb Greenberg, have labeled the firm a "quasi Ponzi scheme," citing its reliance on capital raises rather than operating income. Others warn that the issuance of preferred share instruments like "Strike" and "Stretch" could dilute the Bitcoin exposure claim of common shareholders.
Saylor has defended the approach, drawing parallels to real estate finance, where developers issue more debt as asset values rise. He has stated that while MSTR is not a high-yield bank account, "it comes close during bull markets."
