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The California State Teachers Retirement System (CalSTRS) disclosed a significant increase in its holdings of Strategy's (formerly MicroStrategy) common stock, with the value of its investment nearly doubling in the fourth quarter of 2024.
The pension fund now owns 258,785 shares of Strategy, valued at approximately $83 million, according to its latest 13F filing with the Securities and Exchange Commission.
CalSTRS acquired an additional 5,191 shares of Strategy during the past quarter, which saw the total value of its MSTR holdings surge 93.5% from $42.7 million at the end of the third quarter to $82.7 million by December 31, 2024. This increase coincides with Strategy's rebranding efforts to highlight its focus on cryptocurrency and its position as the largest corporate holder of bitcoin.
The fourth quarter of 2024 was marked by a significant appreciation in bitcoin's price, partly influenced by the U.S. presidential election results which saw Donald Trump, known for his pro-crypto stance, elected to office. Bitcoin's price soared 53.5% during this period, setting new all-time highs multiple times.
Strategy's share price reflected this positive trend in the cryptocurrency market, leaping over 70% in the fourth quarter. The shares opened on October 1, 2024, at $168.5 and closed the year at $289.6. Since then, MSTR has climbed further, ending last week at $337.73 per share.
Despite reporting a net loss of $670.8 million, or $3.03 per diluted share, in its fourth-quarter report, Strategy remains optimistic about its financial strategy. The company, led by CEO Michael Saylor, is "significantly ahead" in its 21/21 plan, which aims to raise $42 billion in capital through a combination of equity and fixed-income securities over the next three years.
In other investment adjustments, CalSTRS slightly reduced its stake in Coinbase Global (NASDAQ:COIN) by 707 shares, resulting in a total of 306,215 shares. Nonetheless, the value of its Coinbase investment increased from $54.6 million to $76 million during the same period.
CalSTRS is recognized as the second-largest public pension fund in the United States, managing assets worth approximately $352.9 billion as of January 31.
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