The State Teachers Retirement System of Ohio (STRS Ohio) disclosed an 83% increase in its holdings of Strategy Inc. (NASDAQ: MSTR) in a 13F filing released on November 2, 2026. The pension fund now owns 110,011 shares of the company, a position valued at roughly $14 million to $16.8 million.
Details of the filing
The 13F filing, a quarterly report required of large institutional investors, shows the fund’s previous holding of about 87,689 shares, valued at approximately $11 million in February 2026. The recent increase brings the total share count to 110,011.
Market reaction
Following the disclosure, Strategy Inc. shares rose about 5% intraday on the same day.
Why the fund may be interested
Strategy Inc. holds a large amount of Bitcoin, reported at 849,327 BTC as of early November 2026, acquired at an average cost of roughly $75,451 per coin. By purchasing shares, the pension fund gains indirect exposure to Bitcoin without handling the cryptocurrency directly.
Company activity
In late October and early November 2026, Strategy Inc. purchased an additional 811 BTC for $65.5 million, financing the acquisition through share sales.
Implications
The increase suggests that a public pension fund considers Bitcoin‑linked equity a suitable addition to its portfolio, despite the typically conservative investment approach of such funds. The added shares also contribute to the dilution of existing shareholders, a trade‑off the fund appears to accept.
Ohio’s teachers now have a larger indirect exposure to Bitcoin through the pension fund’s expanded stake in Strategy Inc.
