$200 billion Texas Teachers Retirement Fund has revealed Bitcoin exposure worth millions. The pension fund invested in Strategy (MSTR) stock to gain BTC exposure as the firm has outperformed ‘Mag 7’ stocks despite the firm missing entering the S&P 500 index.
Texas Teacher Retirement Fund Gains Bitcoin Exposure via Strategy (MSTR) Stock
Texas Teachers Retirement Fund invested in MSTR stock to gain Bitcoin exposure as crypto adoption rises amid the crypto-friendly Trump Administration. Texas Teachers Retirement Fund revealed $25 million worth of Bitcoin from Strategy shareholding, according to The Bitcoin Historian’s X post on September 15.
Pension funds investing in Bitcoin treasury companies is a major milestone. The move comes amid the latest developments, including Governor Greg Abbott signing Texas’s Strategic Bitcoin Reserve into law in May and the US strategic Bitcoin reserve announcement by President Donald Trump.
Moreover, the U.S. Department of Labor withdrew its 2022 guidance that prevented pension funds from adding Bitcoin and other cryptocurrencies to 401(k) retirement plans in May. Bitcoin and crypto exposure from 401(k) plans might further legitimize Bitcoin as an asset class.
Recently, Michael Saylor revealed that Strategy topped the performance chart with 100.5% returns. He claimed the MSTR stock is way ahead of Tesla’s 26% and far above other Magnificent 7 stocks like Nvidia, Meta, Alphabet, Apple, Amazon, and Microsoft. Saylor credited Bitcoin for Strategy’s outperformance over ‘Mag 7’ stocks.
Bitcoin and MSTR Stock Activity Today
President Trump signed an executive order last month to enable 401(k) retirement plans to invest in crypto. The move came as Trump bans ideological debanking amid pro-crypto policy shift. This caused BTC to rally above $120K.
At the time of writing, BTC price is trading 1% down in the past 24 hours, with the price currently trading at $$114,858. The 24-hour low and high are $114,684 and $116,747, respectively. Furthermore, the trading volume has increased by 40% in the last 24 hours, indicating a rise in interest among traders.
Meanwhile, MSTR stock has climbed almost 0.50% in premarket hours today. The stock closed nearly 1.66% higher at $331.44 last Friday. TD Cowen reiterated its ‘buy’ rating and decreased the stock price target to $640 from $680. Meanwhile, Mark Palmer from Benchmark retained a price target of $705, while reiterating his buy position.
Investment disclaimer: The content reflects the author’s personal views and current market conditions. Please conduct your own research before investing in cryptocurrencies, as neither the author nor the publication is responsible for any financial losses.
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Source: https://coingape.com/texas-teachers-retirement-fund-discloses-bitcoin-mstr-stock-strategy-outperforms/
