The $33 billion North Carolina State Treasury has made a notable move by purchasing an additional 9,117 shares of MicroStrategy, now operating under the name Strategy. This acquisition brings the public fund's total holdings to 168,688 shares, valued at approximately $22.6 million. The transaction was disclosed on February 16, 2026.
The decision is seen as more than a simple portfolio adjustment. Strategy, led by Executive Chairman Michael Saylor, has built its reputation on aggressive Bitcoin accumulation, having transformed its corporate model in 2020 to redirect capital toward the cryptocurrency. The company is the largest corporate Bitcoin holder globally, effectively acting as a leveraged Bitcoin vehicle within equity markets.
North Carolina's move signals growing institutional comfort with indirect Bitcoin exposure within government-managed funds. Public treasuries often avoid direct cryptocurrency purchases due to regulatory and custody challenges. By increasing its stake in Strategy, the state treasury gains exposure to Bitcoin's price movements through a familiar, regulated equity framework.
The timing is significant, as Bitcoin trades through uncertain macro conditions. The treasury's action suggests that some public institutions now view Strategy as a structured gateway into digital asset growth. This could mark a broader shift in how state-level investment funds approach crypto-linked assets, opting for regulated instruments to gain exposure to the transformative asset class.
