The North Carolina Retirement Systems increased its position in Strategy during the fourth quarter of 2025, adding 9,117 shares to bring its total holdings to 168,688 shares, according to a 13F filing covering the period ending December 31, 2025.
The 5.71% increase from Q3's 159,571 shares continues the pension fund's steady expansion of bitcoin exposure through Strategy.
The North Carolina Retirement Systems, overseen by State Treasurer Brad Briner, manages more than $140 billion for state employees and retirees. The pension fund has grown its MSTR holdings from 107,925 shares in Q1 2025.
North Carolina joins other state retirement systems gaining bitcoin exposure through Strategy's equity. California's public pension fund collectively holds approximately $59 million in MSTR, while Florida's State Board holds $31 million, making North Carolina's $22 million position modest by comparison.
The Q4 addition came during heightened volatility for Strategy shares, which declined more than 50% from October 2025 highs. The continued buying suggests the pension fund views current pricing as an opportunity to add exposure.
Strategy holds 714,644 BTC at an average cost of approximately $76,056 per coin.