Key Takeaways
- • STRS Ohio, the State Teachers Retirement System of Ohio, raised its stake in Strategy Inc. (NASDAQ: MSTR) by 83% to 110,011 shares, according to its latest 13F filing reported November 2, 2026.
- • The position is valued between $14 million and $16.8 million depending on the share price used, a small allocation for a large state pension fund.
- • The prior holding was roughly 87,689 shares valued at about $11 million, disclosed in February 2026.
- • MSTR shares rose about 5% intraday on November 2, the day the disclosure surfaced.
- • Strategy held 849,327 BTC as of early November 2026 at an average cost of roughly $75,451 per coin, and recently bought 811 BTC for $65.5 million funded through share sales.
Summary
The State Teachers Retirement System of Ohio has increased its holdings in Strategy Inc. (NASDAQ: MSTR) by 83%, bringing its total to 110,011 shares, according to a 13F filing reported on November 2, 2026. A 13F is a quarterly disclosure that large institutional investment managers file with US regulators, listing their equity holdings. Depending on the share price used, the position is valued between $14 million and $16.8 million.
The filing shows STRS Ohio owning substantially more Strategy stock than before. Its previous holding was approximately 87,689 shares, valued at about $11 million, disclosed in February 2026. The publication notes that pension funds typically adjust positions gradually, so an increase of this size signals deliberate intent. MSTR shares rose about 5% intraday on November 2. In dollar terms, the position is small for a large state pension and is not portfolio-defining.
Strategy has positioned itself as a publicly traded Bitcoin vehicle. As of early November 2026, the company held 849,327 BTC at an average cost of roughly $75,451 per coin. In late October and early November 2026, it acquired another 811 BTC for $65.5 million, funded through share sales, a strategy of raising equity capital and converting it into Bitcoin. Buying MSTR gives an institution indirect Bitcoin exposure without custody, private keys, or exchange arrangements, and a listed equity can fit within mandates that restrict direct crypto holdings.
The article characterizes the move as a signal that a conservative public pension has found a Bitcoin-linked equity acceptable within its portfolio. It also notes that repeated share issuance dilutes existing shareholders, a trade-off that holders accept only if the added Bitcoin per share justifies it.
The filing shows STRS Ohio owning substantially more Strategy stock than before. Its previous holding was approximately 87,689 shares, valued at about $11 million, disclosed in February 2026. The publication notes that pension funds typically adjust positions gradually, so an increase of this size signals deliberate intent. MSTR shares rose about 5% intraday on November 2. In dollar terms, the position is small for a large state pension and is not portfolio-defining.
Strategy has positioned itself as a publicly traded Bitcoin vehicle. As of early November 2026, the company held 849,327 BTC at an average cost of roughly $75,451 per coin. In late October and early November 2026, it acquired another 811 BTC for $65.5 million, funded through share sales, a strategy of raising equity capital and converting it into Bitcoin. Buying MSTR gives an institution indirect Bitcoin exposure without custody, private keys, or exchange arrangements, and a listed equity can fit within mandates that restrict direct crypto holdings.
The article characterizes the move as a signal that a conservative public pension has found a Bitcoin-linked equity acceptable within its portfolio. It also notes that repeated share issuance dilutes existing shareholders, a trade-off that holders accept only if the added Bitcoin per share justifies it.
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