Texas’ largest pension fund boosts stake in Bitcoin treasury Strategy

The Teacher Retirement System of Texas (TRS), the state’s largest public pension fund, has increased its holdings in Strategy (MSTR), the Bitcoin treasury giant.

According to a new SEC filing, by the end of Q4 2025, the Austin-based pension fund held 80,844 MSTR shares worth over $12 million, up from 73,446 shares in the previous quarter.

The pension fund, which manages over $200 billion in retirement benefits for Texas public school educators, gains indirect Bitcoin exposure through Strategy, which currently holds 712,647 BTC, valued at over $60 billion at current market prices.

Shares of Strategy slid around 9% intraday on Thursday amid a major downturn in the crypto market, per Yahoo Finance.

The Texas pension fund has shown prior interest in crypto-related investments, committing $20 million to CoinFund Ventures, a crypto-focused fund, between mid-July and August 2024.

Texas has emerged as a leader in institutional crypto adoption. Governor Greg Abbott signed the Strategic Bitcoin Reserve law in June 2025. Following this, the state executed its first purchase in November, acquiring $5 million worth of BlackRock’s iShares Bitcoin Trust (IBIT).