The Louisiana State Employees’ Retirement System, better known as LASERS, now holds 23,000 shares of Strategy Inc. That position was worth $3.52 million as of September 30, 2026.
Three quarters of steady buying
LASERS added 1,700 Strategy shares during the third quarter of 2026. Earlier in the year, it bought 700 shares in the second quarter and 2,700 shares in the first.
The more eye-catching number is the valuation jump. At the end of June 2026, the stake was valued at $1.85 million. By the end of September, it had reached $3.52 million.
Most of that gain came from Strategy’s stock price climbing, not from LASERS buying more shares.
Strategy trades on the Nasdaq under the ticker MSTR. The holdings data comes from LASERS’ quarterly 13F filings, the disclosures large US institutional investors use to report their stock positions.
How LASERS got here
Strategy first showed up in LASERS’ 13F filings at the end of 2024. The fund’s opening position was 13,400 shares.
LASERS trimmed its Strategy holdings in the fourth quarter of 2025 before resuming purchases in 2026.
Strategy itself is a strange beast for a pension portfolio. The company, formerly called MicroStrategy, still sells enterprise analytics software. But it has repositioned itself to operate primarily as a Bitcoin treasury vehicle. As of October 18, 2026, Strategy reported holding 848,517 BTC.
Why a state pension would want this
The appeal for an institution like LASERS is straightforward. Strategy offers Bitcoin exposure through a regular, exchange-listed equity. A pension fund does not need to set up custody arrangements, figure out how to hold private keys, or explain to its board why it now owns a digital asset directly.
The Strategy stake represents less than 0.02% of LASERS’ total assets, against a portfolio that exceeds $20 billion.
What this means
There are real risks in the vehicle LASERS has chosen. Strategy’s stock is tied closely to the price of Bitcoin, which means the same volatility that drove the stake from $1.85 million to $3.52 million in one quarter can work in reverse just as quickly. Owning the equity also adds company-specific risk on top of Bitcoin’s price swings.
Disclosure: This article was edited by John Chen. For more information on how we create and review content, see our Editorial Policy.