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).
