Alaska's Retirement Board Discloses $216,000 Stake in Bitcoin Treasury Company Strive

The state's latest 13F filing confirms a position in Strive that has sat unchanged since the first quarter, part of a $10 billion portfolio that spans nearly the entire US equity market.

The State of Alaska, Department of Revenue - the entity that files on behalf of the Alaska Retirement Management Board - disclosed in its latest quarterly filing that it holds 19,804 Class A shares of Strive Inc, the Nasdaq-listed asset manager turned bitcoin treasury company. At the filing's valuation date, the stake was worth $216,000.

The holding appears in the 13F-HR covering the second quarter, filed with the SEC on July 20 and signed by Hunter Romberg, senior investment compliance officer for the Treasury Division. It is not a new position. The same 19,804 shares appeared in Alaska's first-quarter filing, submitted in April, valued then at $198,000. The share count has not moved between the two reports. Strive did not appear at all in Alaska's filings for the third or fourth quarters of 2025, which places the position's origin in the first quarter of this year - several months after Strive's September 2025 merger with Asset Entities created the company in its current form.

Strive Has Built One of the Largest Corporate Bitcoin Treasuries

This means the retirement systems the ARMB oversees on behalf of Alaska's public employees, teachers and judges now show up as holders of a company built around one of the largest corporate bitcoin treasuries anywhere. Strive is chaired and run by Matt Cole, a former CalPERS fixed-income executive who spent 15 years overseeing more than $70 billion there. Under his leadership, the company has taken its holdings to roughly 20,020 BTC, worth in the region of $1.3 billion, at an average acquisition cost of $94,648 per coin. Strive calls itself the first publicly traded asset management bitcoin treasury corporation, a claim built on the Asset Entities merger and its subsequent acquisition of Semler Scientific in January.

The company's other calling card is SATA, its Variable Rate Series A Perpetual Preferred Stock, paying a 13% annualised dividend that moved from monthly to daily payouts on June 16. This is Strive's own extension of the preferred-stock model Strategy built first with STRK and STRC.

Alaska Isn't the Only Passive Holder Building Exposure

Alaska's stake looks modest next to other names surfacing in Strive's shareholder base. Vanguard has recently added to its position, a stake reported in the hundreds of thousands of shares - far larger than Alaska's entire holding. The pattern in both cases points the same way: broad institutional vehicles, from state pension funds to the world's largest index manager, are picking up incidental exposure to bitcoin treasury companies.

Whether that incidental exposure grows alongside Strive's balance sheet, or gets trimmed at the next rebalancing, will show up in Alaska's next 13F, due in mid-November.