Twelve North American states have invested nearly $330 million indirectly in Bitcoin through their pension funds, according to recent regulatory filings. Analysts point to California’s substantial stake as a key driver of this trend. California leads with the largest exposure to Strategy stock, reflecting its commitment to gaining indirect exposure to Bitcoin. CalSTRS and **CalPERS**, two prominent California pension funds, hold significant portions of Strategy stock, demonstrating an increased interest in the cryptocurrency market even without direct Bitcoin holdings. This strategy allows institutions like these to benefit from Bitcoin’s growth while avoiding the complexities of direct investment.