A Louisiana state public employee retirement pension fund in the United States bought additional shares of Strategy, expanding the share of its indirect investment in bitcoin. Instead of buying bitcoin directly, institutional investors are continuing to increase exposure to the cryptocurrency market through listed companies that hold large amounts of bitcoin, an analysis said.

U.Today, a blockchain media outlet, reported on Tuesday that the Louisiana public employee retirement pension fund, which manages $16.3 billion in assets, recently increased its holdings of Strategy to 21,300 shares. The stake was valued at about $2.13 million.

Data from BitcoinTreasuries.net show the purchase was an additional buy while maintaining its existing holdings, indicating the pension fund is increasing its bitcoin exposure through Strategy.

The Louisiana retirement pension fund has previously included Strategy shares in its investment portfolio. The increased holding is drawing attention because it raised its weighting rather than cutting the stake even as Strategy continues an aggressive bitcoin buying strategy.

Strategy is led by Chairman Michael Saylor (마이클 세일러) and has continuously bought bitcoin through capital raising and debt issuance, establishing itself as the world’s largest corporate holder of bitcoin. As a result, Strategy stock is seen as a representative indirect investment tool tied to bitcoin price moves.

The Louisiana retirement pension fund is also seen as choosing a strategy that, while not holding bitcoin directly, seeks investment effects from a rise in cryptocurrency prices through Strategy shares by using that structure.

The case also shows institutional investors’ approaches to investing in bitcoin are diversifying. In particular, more institutions that manage conservative funds, such as public employee pensions, are participating in the market indirectly through listed companies and exchange-traded funds (ETFs) rather than buying cryptocurrencies directly.

For pension funds, investing in Strategy offers the advantage of pursuing bitcoin’s potential returns while avoiding the custody and management burden that comes with directly holding cryptocurrencies. The ability to manage portfolios within an existing securities investment framework is also cited as an attractive factor for institutional investors.

The market is assessing the expanded investment as another example showing Strategy has served as a key channel for institutional inflows since it put forward a bitcoin-centered financial strategy. Attention is focused on whether conservative institutional investors, including pension funds, will continue to access the cryptocurrency market via related listed companies rather than holding bitcoin directly.