New York State Pension Fund Increases MicroStrategy Stake Amid Bitcoin Price Decline
The New York State Common Retirement Fund, one of the largest U.S. public pensions managing about $284 billion in assets, has increased its stake in MicroStrategy (MSTR) to approximately $50 million as of December 15, 2025. The pension fund disclosed ownership of about 0.10% of MicroStrategy, valued at roughly $113.8 million, with prior increases reported in Q2 2025 and a November filing for Q3 2025.
On the same day, MicroStrategy shares fell 7.29% to $163.55, with around $2.32 billion traded across nearly 14 million shares, giving the company a market capitalization of about $50.7 billion. The price decline aligns with ongoing pressures on Bitcoin and Bitcoin-exposed equities.
MicroStrategy remains the world's largest corporate holder of Bitcoin, holding 671,268 BTC after recently purchasing 10,645 BTC for $980.3 million at an average price of $92,098 per coin last week. The company has acquired its Bitcoin by converting operating cash flows, equity issuance proceeds, and debt financing into the cryptocurrency, effectively providing leveraged Bitcoin exposure through its stock.
To support operational costs, MicroStrategy reports maintaining a $1.44 billion reserve intended to fund dividends and interest payments without needing to sell Bitcoin. This reserve is expected to cover at least 12 months of corporate obligations and could potentially extend to two years.
Other public pension systems, including New Jersey's, have also increased their MicroStrategy holdings, indicating a growing institutional appetite for Bitcoin-linked equities over direct cryptocurrency ownership.
Bitcoin itself traded around $86,214, down 3.5% in 24 hours, 4.4% over the past week, and more than 10% over the past month, trends that have contributed to downward pressure on Bitcoin-exposed equities like MicroStrategy.
