The $33 billion Police and Firemen’s Retirement System of New Jersey has increased its holding in Strategy Inc. (NASDAQ: MSTR), the leading public Bitcoin treasury company, to 49,055 shares valued at approximately $4.66 million.
The update stems from the fund’s latest Form 13F filing with the U.S. Securities and Exchange Commission (SEC) covering the quarter ended June 30, 2026, and submitted on July 23.
This move gives New Jersey’s public safety workers—police officers and firefighters—indirect exposure to Bitcoin through one of the largest corporate holders of the cryptocurrency. Strategy currently holds 843,775 Bitcoin, acquired at an average cost of roughly $75,476 per coin for a total outlay of about $63.7 billion.
The position remains modest relative to the overall size of the pension fund, representing a small fraction of its assets. Yet it continues a pattern of gradual accumulation by the system, which has shown repeated trading activity in Strategy shares in monthly trade reports published on the New Jersey PFRS website.
The fund’s decision underscores a growing willingness among some public pensions to gain Bitcoin exposure without holding the asset directly, using Strategy’s leveraged treasury strategy as a proxy.
Broader Institutional Momentum Behind Strategy Shares
The New Jersey filing arrives amid continued institutional interest in MSTR despite significant price volatility. Institutional investors currently own about 59.8% of Strategy’s shares. Over the past 12 months, 770 institutions have been net buyers while 412 have sold, generating roughly $10.2 billion in inflows against $12.9 billion in outflows.
Notable large holders include Vanguard Group, Capital International Investors, Capital Research Global Investors, State Street, Geode Capital Management, and Norges Bank. In the first quarter of 2026, 13 of Strategy’s top 15 institutional shareholders increased their positions even as the stock declined, lifting their combined holdings by about 27%. Capital International recorded one of the largest single increases, while Vanguard entities and BlackRock also added substantially.
Other public pensions and sovereign-linked funds have similarly maintained or expanded exposure in recent quarters. This activity reflects a view among some long-term allocators that Strategy functions as an amplified vehicle for Bitcoin, with its ongoing equity and preferred issuance used to expand bitcoin-per-share metrics over time.
Read: Swedbank Boosts MSTR Stake as Strategy’s Bitcoin Treasury Faces Growing Scrutiny
Strategy has pursued a multi-instrument capital strategy that includes common stock at-the-market offerings, perpetual preferred shares, and selective bitcoin sales to support dividend and interest obligations on preferred instruments when needed.
The institutional accumulation has occurred against a backdrop of Strategy’s continued status as the largest publicly traded corporate Bitcoin holder, controlling a meaningful portion of the circulating supply. Portfolio managers appear to treat the stock as a high-beta expression of Bitcoin rather than a traditional software company, accepting elevated volatility in exchange for potential upside if Bitcoin resumes its long-term ascent.
MSTR Navigates Volatile Price Action in 2026
Strategy shares have experienced sharp swings throughout 2026, tracking Bitcoin’s own turbulence while amplifying moves due to the company’s leveraged balance sheet and ongoing capital raises. The stock closed at $93.63 on July 23, 2026, down 6.38% from the prior day’s close of $100.01, after trading in a daily range of $92.34 to $97.51.
Year-to-date, MSTR has declined roughly 38% from levels near $152 at the end of 2025. The 52-week range spans from a low of approximately $81.81 to a high near $420, illustrating the stock’s extreme sensitivity to Bitcoin price movements and shifts in market sentiment toward leveraged crypto proxies.
In recent sessions, MSTR has oscillated in the mid-to-high $90s, with elevated volume reflecting active trading around Bitcoin’s fluctuations and company-specific news on capital structure and treasury management.
Earlier in 2026 the shares traded higher, above $150 in May and still elevated in the first quarter, before a broader pullback in Bitcoin pressured the stock. Strategy has at times sold small amounts of bitcoin to fund preferred distributions while continuing selective purchases or maintaining its large treasury.
The company’s modified net asset value has traded near or slightly above 1x in recent periods, prompting debate among investors about the optimal pace of common-share issuance versus preferred capital and cash reserves.
Despite the drawdown, analyst targets remain elevated on average, with some projecting substantial recovery if Bitcoin stabilizes or advances. The company’s market capitalization stands near $34 billion. The New Jersey pension’s decision to maintain and modestly grow its position during this period of weakness aligns with the pattern seen among several large institutions that added shares on weakness in early 2026.
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