Recent data reveals a growing trend of U.S. state pension funds leveraging the unique strategy of investing in MicroStrategy (MSTR) stock as an indirect approach to gaining exposure to Bitcoin. This strategic move, highlighted by a report from BeInCrypto, has resulted in significant increases in MSTR holdings across several states. The report details that in Q1 2025 alone, 14 states saw their MSTR investments soar by a remarkable 91%, from $632 million to $1.2 billion. This surge reflects a growing interest among public funds in gaining exposure to Bitcoin, even indirectly, through a more traditional stock-based approach. 2025’s first quarter data provides valuable insight into this trend.